Irish Infrastructure Fund Takes Full Control Of Enet

/ 8th October 2018 /

Granahan McCourt Capital is to sell its remaining 22% stake in Enet to the Irish Infrastructure Fund in order to focus on the National Broadband Plan.

Enet is the company that operates the Metropolitan Area Networks on behalf of the Irish state, as well as a variety of other wholesale telecommunications infrastructure. Enet operates open-access infrastructure that serves more than a million customers through 70 distinct retail service providers.

Granahan McCourt chief executive David McCourt (pictured) said: “Granahan McCourt is pleased to be putting our full and absolute commitment behind the government’s National Broadband Plan. As we are now looking ahead to delivering the NBP, and in order to fully commit our time, energy and resources to this ambitious project, we have taken the decision to sell our remaining stake in Enet.”

Enet will be a key supplier for the National Broadband Ireland consortium, and will be an integral part of the ongoing operation of the network when built.

In 2011, the Ireland Strategic Investment Fund (ISIF) committed €250m investment to Irish Infrastructure Fund, which is invested in the Dublin Convention Centre, data towers, wind energy, primary care centres, and telecoms infrastructure.

IIF principal Philip Doyle commented: "The Irish Infrastructure Fund is delighted to acquire the remaining 22% in Enet, bringing the IIF’s stake to 100%. Since we acquired a majority stake in the business in August 2017, the company has demonstrated the high quality of its business and its potential for growth. Enet, via its operation of vital telecoms infrastructure, has developed a great business that is both commercially focused and policy supportive."

The fund is a joint venture of AMP Capital and Irish Life Investment Managers, which manages capital for 30 institutional investors, 29 of which are Irish pension funds, trusts and investment managers. It controls more than €500m in investments in the energy, telecoms, tourism, and healthcare sectors.

The deal is subject to regulatory approval.