9th Nov 2022 11:43
(Alliance News) - Pantheon Infrastructure PLC on Wednesday said it will invest in National Broadband Ireland through its long-term partner, Asterion Industrial Partners.
The London-based infrastructure investment fund has committed an investment of EUR52.7 million in Asterion's interest in National Broadband, an Irish fibre-to-the-premises network developer and operator.
National Broadband was chosen by the Irish Department for Environment, Climate & Communications to support the country's National Broadband Plan.
The company is responsible for passing and connecting approximately 560,000 premises in rural areas stretching across 96% of Ireland's farms, making it the largest rural infrastructural project in the country since electrification.
Pantheon said the investment was in line with its strategy of building a "diversified portfolio of infrastructure assets benefiting from structural growth drivers".
"We are delighted to announce this latest transaction in a high-quality fibre asset alongside our long-standing partner Asterion," said Pantheon partner Richard Sem.
"NBI's commitment to providing high-speed broadband to underserved areas in Ireland makes it a compelling investment proposition which has a positive impact on local communities."
Pantheon shares were trading down 1.7% at 94.20 pence each in London on Wednesday morning.
By Holly Beveridge; [email protected]
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