Telecommunications company BT has announced that it 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 Ltd (BTCIL) includes BT’s domestic network infrastructure, over 400 customers, and associated teams supporting wholesale and business enterprises.
It does not include BT’s customer base of multinationals, large Irish organisations, the Emergency Call Answering Service, associated employees, and the recently divested data centre business, which is currently subject to regulatory approval.
After the deal, BT will continue to have a presence in Ireland, with over 400 employees, with offices in Dublin and regionally, and connections to BT’s global network infrastructure.
The enterprise value of the put and call agreement for the acquisition of the share capital of BTCIL is €22m.
The deal includes a long-term agreement for BT and Speed Fibre Group to source connectivity for their respective customers from each other.
Speed Fibre Group is the parent of telecommunications companies Enet and Magnet+, and is owned by Cordiant Digital Infrastructure Limited.
“This acquisition enables us to deliver even greater value to our customers by expanding our range of connectivity solutions,” said Peter McCarthy, CEO of Speed Fibre Group.
“It’s a positive development for the Irish market, providing us with the scale and capabilities to better serve our growing customer base,” Mr McCarthy said.
BT said the sale is part of the 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.
“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,” said Shay Walsh, Managing Director of BT Ireland.
