BT enters agreement with Speed Fibre Group for the sale of its wholesale and enterprise business unit in Ireland

• Acquisition by Speed Fibre Group aims to sustain long-term growth in the dynamic telecommunications market in Ireland by combining the strengths of both business units
• BT will retain a strong presence in the Irish market to deliver connectivity, cloud and security services to multinationals and large organisations

Dublin, 5 February 2025: BT today announced that it has reached an agreement for the sale of its Irish wholesale and enterprise business unit to Speed Fibre Group. The transaction is subject to customary conditions including competition approval and is expected to complete in 2025. 

The sale of BT Communications Ireland Ltd. (BTCIL) includes BT’s domestic network infrastructure, over 400 customers, and associated teams supporting wholesale and business enterprises. It does not include BTCIL’s customer base of multinationals, large Irish organisations, the Emergency Call Answering Service, associated employees, and the recently divested data centre business (subject to regulatory approval). The transaction also comprises of a long-term agreement for BT and Speed Fibre Group to source connectivity for their respective customers from each other.

The enterprise value of the put and call agreement for the acquisition of the share capital of BTCIL is €22 million.

Speed Fibre Group, the home of telecommunication companies Enet and Magnet+, is owned by Cordiant Digital Infrastructure Limited, a specialist global infrastructure investor with a focus on digital infrastructure. This acquisition will solidify Speed Fibre Group’s standing as a leading provider of telecommunications infrastructure in Ireland, broadening its reach in the wholesale and business-to-business connectivity markets. It will enhance Speed Fibre Group’s ability to deliver advanced connectivity solutions by integrating BTCIL’s complementary capabilities and domestic customer base.

For BT, the sale is part of the company’s ongoing transformation of its international business, focused on delivering secure, multi-cloud connectivity to multinational customers and large organisations in Ireland and around the world. Post-transaction, BT will continue to have a strong presence in Ireland, with over 400 employees, with offices in Dublin and regionally, and connections to BT’s global network infrastructure and propositions.

Peter McCarthy, CEO of Speed Fibre Group, said: “We are thrilled to announce that BT Communications Ireland, which includes wholesale and enterprise connectivity customers, will become part of Speed Fibre Group, marking an exciting milestone in our shared journey. This acquisition enables us to deliver even greater value to our customers by expanding our range of connectivity solutions. It’s a positive development for the Irish market, providing us with the scale and capabilities to better serve our growing customer base.”

Steve Marshall, Chairman of Cordiant Digital Infrastructure Limited, said: “This transaction is an important addition to our Irish platform, representing a significant step in our strategy to build scale in key geographies. BT Communications Ireland Ltd’s capabilities complement Speed Fibre Group’s existing operations, enhancing our ability to support the growing connectivity needs of Irish businesses.”

Bas Burger, CEO, Business, BT, said: “Today’s announcement is another key milestone in focusing our international business on what it does best: providing secure multi-cloud connectivity to large organisations globally and in Ireland. Our Irish wholesale and enterprise business unit, which has been a leading alternative provider for more than 30 years, will enter a new era with Speed Fibre Group. We are confident that Speed Fibre Group will continue to deliver exceptional service to customers, and we look forward to working together with them as our future partner in Ireland. 

Shay Walsh, Managing Director, BT Ireland, said: “We have transformed our operations in Ireland over the past eighteen months to position our various business units for future growth. This new chapter will see BT focusing on multinationals and large organisations in Ireland, with Speed Fibre Group as its wholesale network and national services partner. Through this transaction, I am confident that the complementary strengths of both entities will unlock new opportunities, drive innovation, and sustain long-term growth in the Irish telecommunications market.”

BT was advised on the transaction by Citi, PWC, and Simmons & Simmons. Cordiant and Speed Fibre Group were advised by McCann Fizgerald, PwC, and Matheson.

Ends

Notes to Editors:

For media queries, please contact:

BT: Priscilla O’Regan, head of communications – 086 633 5398/priscilla.oregan@bt.com

Speed Fibre Group: Breda Brown / Nicola Fitzsimons, Unique Media, 01 522 52000 / 087 2487120 (BB)

About Speed Fibre Group: 

Speed Fibre Group is the home of telecommunication companies Enet and Magnet+. Speed Fibre Group owns and oversees entities generating a combined annual turnover exceeding €86M; Speed Fibre Group employs approximately 190 people, with operations in Limerick and Dublin and proudly serves a customer base of more than 11,000 customers. In addition, it boasts over 1 million people benefiting from wholesale networks – including mobile phone users, students, residential broadband users, public sector workers and staff in multinational organisations. Further details here: www.speedfibregroup.ie

Enet operates a nationwide wholesale telecoms network, delivering extensive connectivity solutions across Ireland. Its infrastructure includes over 5,600 km of fibre, comprising the Irish State’s Metropolitan Area Networks (MANs), proprietary metro networks, a unique dark fibre backhaul system, and one of the country’s largest licensed wireless networks

Taken together, Enet’s infrastructure creates a fully integrated nationwide telecommunications network that is truly open access in nature, enabling retail service providers and network operators to deliver world class data connectivity services to their customers throughout Ireland and enabling them to connect internationally.

Enet also offers carriers a wide and innovative range of world-class fibre and wireless wholesale products and services, ranging from Managed Connectivity, Infrastructure Access, Direct Internet Access and white label broadband. Further details here: www.enet.ie

Magnet+ is an independent connectivity provider in Ireland, offering a full suite of telecommunications solutions, including dedicated connectivity, voice, and cloud services. By combining network neutrality with world-class technical knowledge, Magnet+ offers integrated telecommunications solutions utilising its fibre, wireless, 4G, and 5G infrastructure to meet the exact needs of each client, supported by outstanding customer service. Further details here: www.magnetplus.ie

Speed Fibre Group is owned by Cordiant Digital Infrastructure Limited, (listed and traded on the London Stock Exchange as LON:CORD) an operationally focused specialist digital infrastructure investor. The business primarily invests in the core infrastructure of the digital economy – data centres, fibre-optic networks and telecommunication and broadcast towers in Europe and North America. Further details can be found here: www.cordiantdigitaltrust.com.

About BT Group 

BT Group is the UK’s leading provider of fixed and mobile telecommunications and related secure digital products, solutions, and services. We also provide managed telecommunications, security and network & IT infrastructure services to customers across 180 countries. 

BT Group consists of three customer-facing units: Consumer serves individuals and families in the UK; Business covers companies and public services in the UK and internationally; Openreach is an independently governed, wholly owned subsidiary wholesaling fixed access infrastructure services to its customers – over 700 communications providers across the UK. 

British Telecommunications plc is a wholly owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on the London Stock Exchange. 

For more information, visit www.bt.com/about