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.
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.
For further details, please contact:
Tel 01 522 5200 or 087 2487120