Acquisition of Speed Fibre Group by Cordiant Digital Infrastructure Ltd finalised following all regulatory approvals in Ireland and the UK

Cordiant Digital Infrastructure Limited (LSE:CORD) completes acquisition of Speed Fibre Group

Speed Fibre Group, the holding company of Ireland’s leading wholesale and retail fibre services providers Enet and Magnet Plus, is delighted to announce that following all regulatory approvals in Ireland and the UK, it has been formally acquired by Cordiant Digital Infrastructure Limited (“Cordiant”), a specialist global infrastructure investor with a focus on digital infrastructure.

The equity consideration for the acquisition is €97million, based on a total enterprise value of €190.5 million.

With Cordiant, Speed Fibre Group will continue to invest and grow its network and services and expand its service offering with innovative telecommunications solutions in conjunction with the evolving requirements of its customers.

Cordiant will provide both sector operating expertise and a stable, long term capital base to support Speed Fibre Group's strategy. The company’s alignment with Cordiant represents a strong partnership that will further accelerate growth and foster collaborative possibilities, while augmenting Speed Fibre Group’s customer focus and capabilities.

Commenting on the announcement, Peter McCarthy, CEO of Speed Fibre Group, stated:

"Both Cordiant and Speed Fibre Group are dedicated to excellence in the telecommunications sector. This acquisition arrives at a transformative juncture in the growth of Speed Fibre Group. We are poised not only to fulfil our clients' evolving needs but also to harness momentum to expand our reach, delivering innovative telecommunications solutions on both domestic and international fronts. We eagerly anticipate the collaborative opportunities ahead as we join forces with the Cordiant team and the value that this will bring to our customers and staff.”

Steven Marshall, Chairman of Digital Infrastructure at Cordiant Capital, added:

“We are delighted to welcome Speed Fibre Group into CORD’s portfolio, which is now further diversified by asset class and geography. Fibre remains an integral part of digital infrastructure, supporting economic growth and social connectivity. As we remain committed our “Buy, Build, and Grow” strategy, the plan is to invest further in Speed Fibre Group’s network and work closely with the Irish government and local partners to extend high-speed digital access. This will nurture domestic innovation and provide a thriving ecosystem for homegrown tech companies to flourish.”

 

About Speed Fibre Group:

Speed Fibre Group is a prominent force in the Irish telecommunications sector, encompassing influential entities such as Enet and Magnet+. With an annual turnover in excess of €80 million, a dedicated team of over 230 professionals, and a customer base exceeding 11,000, Speed Fibre Group plays a pivotal role in shaping the connectivity landscape of Ireland. The group's commitment to innovation and excellence has earned them a place of prominence in the industry.

www.speedfibregroup.ie

 

About Cordiant Digital Infrastructure Limited:

Cordiant Digital Infrastructure Limited is an operationally focused specialist digital infrastructure investor with a proven track record of strategic investments. The company's "Buy, Build & Grow" approach is synonymous with driving excellence and innovation across the telecommunications sector. Cordiant's vision aligns seamlessly with the ambitions of Speed Fibre Group, promising a future characterized by growth, collaboration, and transformative advancements.

www.cordiant.com

 

For further details, please contact:

Breda Brown

Unique Media

Tel 01 522 5200 or 087 2487120


Speed Fibre Group acquire Magnet Networks

Speed Fibre Group, an Irish investment vehicle focused on telecoms infrastructure as well as communications service provision, has announced the completion of its acquisition of Magnet Networks from Columbia Ventures Corporation (CVC).

The Magnet Networks transaction has been confirmed following the successful completion of the required regulatory approvals. Under the terms of the deal, Speed Fibre Group has acquired 100% of the business from CVC. Speed Fibre Group already owns Enet and AirSpeed Telecom.

Magnet Networks operates Ireland’s largest connectivity network and is the only provider to grant one-stop access to all business options offered by every major network operator in Ireland.

The company provides connectivity for some of the world’s biggest technology companies, as well as innovative telecommunications and data connectivity solutions to both commercial and residential markets

Peter McCarthy, Speed Fibre Group CEO

“It's an exciting time for the business and,
importantly, for its customers.”

Speed Fibre Group CEO, Peter McCarthy, has commented on the deal: “We’re delighted to acquire Magnet Networks from CVC. This transaction brings another great team under the Speed Fibre banner, which also includes Enet and AirSpeed Telecom.”

Mr. McCarthy went on to say, “As part of the Speed Fibre Group, Magnet Networks will continue to have the support it needs to further develop its range of customer focused solutions and drive best in class customer satisfaction for its large client base. Importantly, the team sees potential for growth and, from our point of view, we can bring years of experience in managing and actively developing telecoms businesses – whether they be wholesale or retail organisations. It’s an exciting time for the business and, importantly, for its customers.”

“We are proud of Magnet Networks’ achievements over the past 16 years, pioneering fibre-to-the-home in Ireland and advancing Irish voice and connectivity solutions as a trusted partner to some of the biggest names in technology,” said Ken Peterson, Jr, Founder and outgoing Chairman of Magnet Networks.

“The acquisition by Speed Fibre will enable Magnet Networks' innovations in areas such as remote working and customer service to reach an even larger segment of the business community nationwide."

Speed Fibre Group is owned by the Irish Infrastructure Fund (IIF) which manages capital for more than 20 institutional investors, the majority of which are Irish pension funds, trusts, and investment managers. To date, the IIF controls over €500m of investments across energy, telecoms, tourism and healthcare in Ireland.

Today, with the acquisition of Magnet Networks, Speed Fibre Group now owns entities with a combined annual turnover in excess of €70M, with more than 200 staff and over 11,000 customers. In addition, it boasts over one million people benefiting from wholesale networks - including mobile phone users, students, residential broadband users, public sector workers and staff in multinational organisations.









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