Speed Fibre Group closes acquisition of Magnet Networks

7 Dec 2020

Peter McCarthy, CEO of Speed Fibre Group, with Ken Peterson, founder of Magnet Networks. Image: Conor McCabe Photography

Magnet joins Enet and AirSpeed Telecom as part of the Speed Fibre Group, which is controlled by the Irish Infrastructure Fund.

Speed Fibre Group has completed its acquisition of the Magnet Networks business from Columbia Ventures Corporation.

With this acquisition, Speed Fibre Group now owns entities with a combined annual turnover in excess of €70m. This includes Enet and AirSpeed Telecom.

‘We can bring years of experience in managing and actively developing telecoms businesses’

The group’s CEO, Peter McCarthy, said: “As part of the Speed Fibre Group, Magnet Networks will continue to have the support it needs to further develop its range of customer-focused solutions and drive best-in-class customer satisfaction for its large client base.

“Importantly, the team sees potential for growth and, from our point of view, we can bring years of experience in managing and actively developing telecoms businesses – whether they be wholesale or retail organisations. It’s an exciting time for the business and, importantly, for its customers.”

Ken Peterson, the founder and outgoing chair of Magnet Networks, added: “We are proud of Magnet Networks’ achievements over the past 16 years, pioneering fibre-to-the-home in Ireland and advancing Irish voice and connectivity solutions as a trusted partner to some of the biggest names in technology.”

Peterson said that the acquisition will further innovations in areas such as remote working and customer service.

The acquisition was cleared by Ireland’s Competition and Consumer Protection Commission last month. It was the commission’s view that the proposed transaction would not substantially lessen competition in any market for goods or services in the State.

Speed Fibre Group is a wholly-owned subsidiary of the Irish Infrastructure Fund (IIF), which controls more than €500m of investments across energy, telecoms, tourism and healthcare in Ireland.

As an investment vehicle, Speed Fibre is focused on telecoms infrastructure as well as communications service provision.

Magnet Networks’ connectivity network services some of the world’s biggest technology companies as well as telecommunications and data connectivity solutions in both commercial and residential markets.

Elaine Burke is the host of For Tech’s Sake, a co-production from Silicon Republic and The HeadStuff Podcast Network. She was previously the editor of Silicon Republic.