27th Sep 2023 10:11
(Alliance News) - Cordiant Digital Infrastructure Ltd on Wednesday said the Irish Department of the Environment, Climate & Communications has approved the change of control of Speed Fibre's subsidiary, Enet.
Cordiant is a Guernsey-based specialist digital infrastructure investor managed by Cordiant Capital Inc. Back in August, it agreed to buy Speed Fibre DAC from the Irish Infrastructure Fund for an enterprise value of EUR190.5 million.
Cordiant said the change of control was required under the metropolitan area network concession agreements to which Enet is a party.
The investor added that the transaction is expected to close later this year.
Speed Fibre operates 5,400 kilometres of owned and leased broadband fibre and wireless backhaul across Ireland. It recorded earnings before interest, tax, depreciation and amortisation of EUR23 million on revenue of EUR80 million in 2022.
Shares in Cordiant were up 1.3% at 75.57 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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