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Manx Telecom recommends Basalt Infrastructure Partners II takeover offer

Mna News - Published on Thu, 14 Mar 2019

Image Source: Qudini
Manx Telecom Plc, primary provider of broadband and telecommunications on the Isle of Man, announced that it has received and has recommended to shareholders an offer from Basalt Infrastructure Partners II GP Limited to acquire the business. Basalt is a committed, long-term infrastructure investment firm with a strong track record of investing in strategic infrastructure assets. The acquisition, which values Manx Telecom at 215p per share, is expected to complete in early May.

Manx Telecom’s strategy in recent years has seen significant investment in the Isle of Man’s telecoms infrastructure, including investment in several generations of broadband technology, the latest being the ongoing roll-out of Fibre-to-the-Premises which is already available to over 10% of premises on the Island. In addition, Manx Telecom has increased its potential to invest in exciting technology-based growth opportunities, such as the development of the hearing enhancement service provided on the Island as MT clearSound.

Basalt is attracted to Manx Telecom’s key strengths, namely a stable business, a proven financial and operational track record led by a strong management team, and the opportunity to continue investment in the new network buildout and new business strategies.

Basalt intends to work with the Manx Telecom management team to invest in new technology to deliver improved customer service and efficiencies to the business. It recognises the skills, technical ability, industry knowledge and experience of Manx Telecom’s management and employees, envisages supporting the existing management team under the acquisition, and believes that the acquisition will provide enhanced growth and development opportunities for Manx Telecom employees.

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Posted By : TelecomGuru on Thu, 14 Mar 2019
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