Manx Telecom, the Island’s leading communications solutions provider, has today (Thursday, 9 May 2019) announced that the company’s acquisition by Basalt Infrastructure Partners II LP (Basalt) is complete.
Gary Lamb, Manx Telecom CEO, says: “Basalt’s status as a committed, long-term infrastructure investment firm with a strong track record of investing in strategic infrastructure assets, means that the acquisition is a massive vote of confidence in Manx Telecom and in our future. It is great news for our customers, employees, and the Isle of Man – and as such represents the start of an exciting new era for the business and the Island.
“With the financial strength and experience of our new owners behind us Manx Telecom is in an even better position to invest in communications technology infrastructure. Most significantly, we are now in a much stronger position to invest in FTTP and 5G.”
In March this year Manx Telecom, a PLC listed on the Alternative Investment Market of the London Stock Exchange, recommended that shareholders accept the Basalt offer. In April 2019 shareholders voted in favour of the takeover which was formally approved under Manx Law on 3 May. Trading on AIM is due to be cancelled on 10 May 2019.
Manx Telecom has led the way to deliver significant investment in the Isle of Man’s telecoms infrastructure – £110m+ has been invested in the last 12 years, the company owns all the Island’s copper network and the vast majority of the Island’s growing fibre network. State-of-the-art 1Gbps Fibre to the Premise (FTTP) broadband for consumer and business customers is already available to over 10% of premises on the Island and is expected to increase to 23% by the end of 2019.
Key to Basalt’s interest in Manx Telecom is the fact that it is a stable business with a proven financial and operational track record, led by a strong management team. Basalt also supports the role of Vannin Ventures as a springboard to build an international footprint. Vannin Ventures invests in unique growth opportunities to launch innovative, new telecoms products and services to markets worldwide, from the Isle of Man.
Basalt will work with the Manx Telecom management team to invest in new technology to deliver improved customer service and efficiencies to the business. The new owners recognise the skills, technical ability, industry knowledge and experience of Manx Telecom’s management and some 300 employees.
Steven Lowry, Partner of Basalt Infrastructure Partners LLP advisor to Basalt, says: “We are keen to support Manx Telecom 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 Telecom’s management team and employees, and to supporting their ambitions to continue to provide high quality services to customers and position the company for the future.”