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The transaction, subject to regulatory approval, is expected to close this year
BT has agreed to sell its Irish wholesale and enterprise division, BT Communications Ireland Ltd (BTCIL) to Speed Fibre Group, in a €22 million deal. The sale includes BTCIL’s domestic network infrastructure, over 400 customers, and supporting teams but excludes its multinational clients, large Irish enterprises, emergency call services, and recently divested data centre business. As part of the deal, BT and Speed Fibre Group will enter a long-term connectivity partnership.
Speed Fibre Group—parent company of Enet and Magnet+—is owned by Cordiant Digital Infrastructure. The acquisition strengthens its position in Ireland’s wholesale and B2B telecom markets, expanding its network and service capabilities.
In April 2019, BT first announced that it was seeking to offload its Irish unit, which at the time was worth around €300 million. After a year-long auction process with many interested bidders, London-based private equity firm Mayfair Equity Partners ultimately prevailed, having met BT’s price expectations, which multiple reports suggest fell around €300 million.
However, BT called off the deal in April 2020, having had “a change of heart”, as reported by The Times. Rumours began to swirl again in mid 2024.
“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,” said Bas Burger, CEO, Business at BT.
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,” said Shay Walsh, Managing Director at BT Ireland.
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