Speed Fibre Group acquisition passes regulators

Cordiant Digital Infrastructure completes purchase of Enet and Magnet Plus holding company

Trade

Peter McCarthy, Speed fibre Group & Ken Peterson Jr, Magnet Networks

Speed Fibre Group, holding company of wholesale and retail fibre services providers Enet and Magnet Plus, has announced the completion of its purchase by global infrastructure investor Cordiant Digital Infrastructure following regulartory approval in the UK and Ireland.

The equity consideration for the acquisition is €97 million, 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.

Peter McCarthy, CEO, Speed Fibre Group, said: “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: “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.”

TechCentral Reporters

Read More: Enet Magnet Plus