Telecommunications and cloud services provider, Magnet Networks, has acquired the Irish retail business division of Imagine Communications Group in an all-cash transaction. The deal will see Magnet Networks become the third largest provider of business telecoms in Ireland.
Magnet will employ 95 people, including the 17 new staff from the acquired business, with plans to hire additional people in the coming months. Imagine’s sale of the retail business division forms part of its strategic focus on the national rollout of its new advanced 4G Long-Term Evolution (LTE) network, which will bring much needed competitive high-speed broadband services to businesses and consumers in regional and rural Ireland.
“The acquisition of Imagine’s retail business division is a step-change acquisition for Magnet, placing us as the third largest telecoms provider to the business community in Ireland,” said Mark Kellett, CEO, Magnet Networks. “Our strategy is to provide a credible choice to businesses of all sizes across Ireland based on the quality of our network and range of services, which we believe are the best in the country. We are delighted to welcome our new customers and staff to Magnet.”
“With the industry shift to next generation infrastructure driven by the need and demand for high-speed broadband and IP services, the strategic opportunity and focus of Imagine and its investors is to extend the reach and deliver fibre-based next-gen services to regional and rural communities across Ireland,” said Sean Bolger, CEO, Imagine Communications Group. “Key to delivering this strategy, and the full benefit to businesses and consumers, is our open wholesale partnership approach facilitating existing and new innovative service providers.”
“Magnet’s focus on delivering excellent service, combined with its innovative business solutions and its commitment to bringing these solutions to businesses in regional and rural areas, made it the ideal home for our existing business customers. We wish them, our loyal customers and great business team every success.”
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