BT has agreed to sell its Irish wholesale and enterprise business, BT Communications Ireland Limited (BTCIL), to Speed Fibre Group for EUR 22 million. The deal, subject to regulatory approval, is expected to close in 2025. "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," BT said on Wednesday.
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Key Details of the Acquisition
The acquisition includes BTCIL's domestic network infrastructure, over 400 customers, and supporting teams. However, BT will retain its multinational and large Irish enterprise customers, emergency call services, associated employees and recently divested data centre business. As part of the deal, BT and Speed Fibre Group will maintain a long-term connectivity partnership.
Speed Fibre Group, the parent company of Enet and Magnet+, is owned by Cordiant Digital Infrastructure. According to the official release, the acquisition strengthens its position in Ireland's wholesale and B2B telecoms market, enhancing its ability to deliver connectivity solutions by integrating BTCIL's complementary capabilities and domestic customer base.
BT’s Ongoing Global Transformation Strategy
For BT, the sale aligns with its ongoing global transformation strategy, focusing on delivering multi-cloud connectivity to multinational customers and large organisations in Ireland and worldwide
"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," said the CEO of Speed Fibre Group.
The CEO of Business at BT said: "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."
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BT's Continued Presence in Ireland
Following the transaction, BT will continue operating in Ireland with over 400 employees, maintaining offices in Dublin and regional locations, while leveraging its global network.
The deal was advised by Citi, PwC, and Simmons and Simmons for BT, while Cordiant and Speed Fibre Group were supported by McCann FitzGerald, PwC, and Matheson.
