Manx Telecom accepts £255m acquisition cash offerThursday, 14 March 2019 10:57
Manx Telecom has announced that it has received a takeover offer worth £255m pounds from Basalt Infrastructure Partners LLP.
The board of directors have written to Manx Telecom’s shareholders and advised them to accept the offer.
Manx Chairman, Kevin Walsh, commented on the acquisition: “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 recognizes 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.”
The Isle of Man’s financial sector relies on cutting edge connectivity quite heavily which means that Manx Telecom has played a vital role in providing businesses and resident alike with next generation connectivity.
The Isle of Man-based Telecom company has stated that they plan to start the next phase of its fibre to the home rollout programme and by the end of 2019, they aim to reach 20 per cent penetration. The leadership team at Basalt Infrastructure has said that the cash paid to the company for the acquisition will give them the opportunity to work on and invest in several initiatives on the island.
Basalt Infrastructure Partner LLP partner, Steven Lowry, said “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.”