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BT sells Irish business unit to Speed Fibre Group

February 6, 2025

BT has reached an agreement for the sale of its Irish wholesale and enterprise business unit to Speed Fibre Group. The transaction is subject to customary conditions including competition approval and is expected to complete in 2025.

The sale of BT Communications Ireland (BTCIL) includes BT’s domestic network infrastructure, over 400 customers, and associated teams supporting wholesale and business enterprises. It does not include BTCIL’s customer base of multinationals, large Irish organisations, the Emergency Call Answering Service, associated employees, and the recently divested data centre business (subject to regulatory approval). The transaction also comprises of a long-term agreement for BT and Speed Fibre Group to source connectivity for their respective customers from each other.

The enterprise value of the put and call agreement for the acquisition of the share capital of BTCIL is €22 million.

Speed Fibre Group, the home of telcos Enet and Magnet+, is owned by Cordiant Digital Infrastructure, a specialist global infrastructure investor with a focus on digital infrastructure. Speed Fibre Group says the acquisition will “solidify its standing as a leading provider of telecommunications infrastructure in Ireland, broadening its reach in the wholesale and business-to-business connectivity markets”.

BT says the sale is part of the its “ongoing transformation of its international business, focused on delivering secure, multi-cloud connectivity to multinational customers and large organisations in Ireland and around the world”. Post-transaction, BT will continue to have a strong presence in Ireland, with over 400 employees, with offices in Dublin and regionally, and connections to BT’s global network infrastructure and propositions.

Peter McCarthy, CEO of Speed Fibre Group, commented: “We are thrilled to announce that BT Communications Ireland, which includes wholesale and enterprise connectivity customers, will become part of Speed Fibre Group, marking an exciting milestone in our shared journey. This acquisition enables us to deliver even greater value to our customers by expanding our range of connectivity solutions. It’s a positive development for the Irish market, providing us with the scale and capabilities to better serve our growing customer base.”

Steve Marshall, Chairman of Cordiant Digital Infrastructure, said: “This transaction is an important addition to our Irish platform, representing a significant step in our strategy to build scale in key geographies. BT Communications Ireland Ltd’s capabilities complement Speed Fibre Group’s existing operations, enhancing our ability to support the growing connectivity needs of Irish businesses.”

Bas Burger, CEO, Business, BT, said: “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.

Shay Walsh, Managing Director, BT Ireland, added: “We have transformed our operations in Ireland over the past eighteen months to position our various business units for future growth. 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. Through this transaction, I am confident that the complementary strengths of both entities will unlock new opportunities, drive innovation, and sustain long-term growth in the Irish telecommunications market.”

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