BT has reached an agreement for the sale of its Irish wholesale and enterprise business unit to Speed Fibre Group, as part of an ongoing transformation of its international business, focused on delivering secure, multi-cloud connectivity to multi-national customers and large organisations in Ireland and around the world.
The sale of BT Communications Ireland (BTCIL) includes BT’s domestic network infrastructure, over 400 customers, and associated teams supporting wholesale and business enterprises.
The transaction also includes a long-term agreement for BT and Speed Fibre Group to source connectivity for their respective customers from each other.
It will see BT focusing on multinationals and large organisations in Ireland, with Speed Fibre Group as its wholesale network and national services partner.
The enterprise value of the put and call agreement for the acquisition of the share capital of BTCIL is €22 million.
Speed Fibre Group is owned by Cordiant Digital Infrastructure Limited, a specialist global infrastructure investor with a focus on digital infrastructure.
This acquisition will help Speed Fibre Group broaden its reach in the wholesale and business-to-business connectivity markets and enhance its ability to deliver advanced connectivity solutions by integrating BTCIL’s complementary capabilities and domestic customer base.
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, said: “BT Communications Ireland, which includes wholesale and enterprise connectivity customers, will become part of Speed Fibre Group, marking a 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 will help provide us with the scale and capabilities to better serve our growing customer base.”
Steve Marshall, Chairman of Cordiant Digital Infrastructure Limited, 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’s capabilities complement Speed Fibre Group’s existing operations, enhancing our ability to support the growing connectivity needs of Irish businesses.”
The transaction is subject to customary conditions including competition approval and is expected to complete in 2025.