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.
“It's an exciting time for the business and,
importantly, for its customers.”
Peter McCarthy, Speed Fibre Group CEO
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.