Limerick’s enet set for takeover by infrastructure fund

Nick Rabbitts

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Nick Rabbitts

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nick@limerickleader.ie

Limerick’s enet set for takeover by infrastructure fund

David McCourt, who up to now has been a minority shareholder in enet

THE Limerick firm charged with delivering the National Broadband Plan is to be taken over by the Irish Infrastructure Fund (IIF).

Enet, based in the National Technology Park, is to be acquired in full by IIF,  ​a fund managed by AMP Capital and Irish Life Investment managers.

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 already serves more than one million end-users, with its infrastructure supporting over 70 different retail service providers.

AMP Capital's Philip Doyle, principal of the Irish Infrastructure Fund, said, "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.”

David McCourt, Grahanan McCourt Capital, which owned the 22% of enet being taken by IIF, said: “I have long believed that the provision of world-class connectivity needs to be viewed as a vital utility and enet continues to play a significant role in solving this problem for many citizens across the country. I have been proud to have been part of the company’s ownership structure and wish the team a successful future.”

He said by his firm divesting its share in enet, said it now means they can fully commit their time, energy and resources to the multi-million euro plan to bring high-speed internet to rural homes across Ireland.