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Manx Telecom has ambitious plans for both FTTH and 5G network deployment in 2019
The board of directors of Manx Telecom has announced that it has received a takeover offer from Basalt Infrastructure Partners LLP, valuing the company at £255.9m.
The board has subsequently written to its shareholders, advising that they accept the offer.
"Since its IPO in 2014, Manx has performed well and delivered consistent returns for its shareholders through resilient earnings, strong cash generation and a growing dividend. Basalt’s cash offer recognises the quality of the business, the management team and the employees and provides certainty to shareholders. After careful consideration and negotiation, the board concluded that it would unanimously recommend the offer as being in the best interests of shareholders, employees and other stakeholders," commenting on the acquisition, Kevin Walsh, chairman of Manx.
With the Isle of Man’s offshore financial sector being heavily dependent upon cutting edge connectivity, Manx Telecom has been instrumental to providing next generation connectivity to residents and businesses on the island.
Manx Telecom has announced plans to begin the next phase of its fibre to the home rollout programme, with penetration levels currently hovering at around 13 per cent. Manx Telecom aims to hit 20 per cent penetration by the end of 2019. Basalt Infrastructure’s leadership team said that the take over bid would provide a cash injection to spearhead a number of initiatives on the island.
“We are pleased to announce Basalt’s board recommended offer for Manx, which provides cash certainty to shareholders. We are keen to support the company through its next phase of capital investment, which includes funding fibre to the premises, its commitment to Vannin Ventures and the future requirement of a 5G network roll out. We look forward to working closely with Manx’s management team and employees to continue to provide high quality services to customers and position the company for the future,” said Steven Lowry, partner of Basalt Infrastructure Partners LLP.
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