(Alliance News) - Cordiant Digital Infrastructure Ltd on Wednesday said a subsidiary of its portfolio company Speed Fibre DAC has bought BT Communications Ireland Ltd, for an enterprise value of EUR22 million.
The UK-based investor in specialist digital infrastructure said BTCIL is the wholesale and enterprise business unit of BT Ireland.
The company said BTCIL delivered core adjusted revenue of EUR57.6 million in the 12 months to the end of September.
It said pro forma core adjusted revenue for the combined Speed Fibre and BTCIL group would have been EUR144.8 million in the same period.
Cordiant Digital said the acquisition would provide wholesale fibre and business-to-business connectivity, with around 3,400 kilometres of managed fibre and 400 customers in Ireland.
The company said BT will remain a customer of the combined business under three year agreements after completion.
The deal is financed by Speed Fibre's existing cash resources, its senior revolving credit facility and cash from Cordiant Digital.
The acquisition is expected to close later in 2025.
Executive Chair of Cordiant Digital Infrastructure Management Steven Marshall and Chief Executive Officer of Cordiant Capital Benn Mikula said: "This transaction is an important addition to our Speed Fibre platform, representing a significant step in our strategy to build scale in key digital markets such as Ireland. BT Communications Ireland's capabilities complement Speed Fibre's existing operations, enhance our ability to support the growing connectivity needs of Irish businesses and align with CORD's investment strategy."
Cordiant Digital shares were up 0.2% to 83.16 pence in London on Wednesday morning.
By Michael Hennessey, Alliance News reporter
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