Under the deal, the Irish Infrastructure Fund (IIF), which is managed by Irish Life Investment Managers and Australian investor AMP Capital, will buy 78% of Enet for a sum believed to be around €150 million.
Granahan McCourt Capital, which led a consortium that bought control of Enet four years ago for a reported €43 million, will retain its shareholding and US investor David McCourt will continue to be chairman. IIF will acquire its stake from Oakhill Advisors, which had 47%, and other minority investors.
McCourt said: “Enet and the Irish Infrastructure Fund are committed to making long-term investment in Ireland’s future and to gearing its economy for growth – employing our expertise and resources to bring reliable, future-proofed connectivity infrastructure to poorly-served regions.”
He added: “The provision of world-class connectivity infrastructure needs to be viewed as a vital utility, yet many residents and businesses across Europe remain left behind.”
Enet is one of the groups looking for a share in Ireland’s National Broadband Plan. It operates the Irish government’s metropolitan area networks, which will remain in state ownership, and provides open-access wholesale services that reach one million end users, via 70 retail service providers.
In a statement, the new investors said: “ The partnership boosts Enet’s plans to continue expanding its network and services at home in Ireland, whilst also paving the way to further grow the company’s pan-European telecoms infrastructure investment strategy.” Enet provided no details of its strategy outside Ireland; however, earlier this year the company agreed a partnership deal with the UK's SSE Enterprise Telecoms.
AMP Capital’s Philip Doyle, principal of the IIF, said the fund was “excited to acquire a stake in Enet and to partner with Granahan McCourt Capital who have built a solid business which provides essential telecommunications infrastructure necessary for the continued growth of the Irish economy.”
The IIF was set up five years ago with the aim of raising €1 billion in funds to invest in Irish infrastructure.
