Irish Infrastructure Fund agrees to acquire additional stake in broadband provider enet

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The Irish Infrastructure Fund (IIF), a fund managed by AMP Capital and Irish Life Investment Managers, has entered into an agreement to acquire the remaining 22% of enet from Granahan McCourt Capital, bringing the IIF’s stake in the company to 100%.

Based in Limerick, enet operates Ireland’s Metropolitan Area Networks (MANs) on behalf of the Irish State, as well as a variety of other wholesale telecommunications infrastructure and has become a key player in the provision of digital infrastructure services across the country.  enet’s success with the open-access model means it already serves more than one million end-users, with its infrastructure supporting over 70 different retail service providers.

IIF acquired a majority stake in the business in August 2017.

Granahan McCourt has stated that the decision to sell the sale was taken " in order to fully commit [its] time, energy and resources" to the Irish Government’s National Broadband Plan. The company is leading the sole bidding team for the PPP project, having submitted a final proposal last month. enet is a member of Granahan McCourt's National Broadband Ireland consortium, and thus will be a key supplier for the project.

The transaction is expected to reach financial close after confirmation of regulatory approvals.

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