Cordiant Digital Infrastructure is nearing the final stages of acquiring BT Ireland’s wholesale unit, with the purchase amounting to €22 million. Recently, Ireland’s Competition and Consumer Protection Commission (CCPC) gave the green light to the deal. However, for the deal to fully proceed, certain conditions must be fulfilled. These include approval under Ireland’s foreign direct investment guidelines and the completion of BT’s transfer of businesses not involved in the transaction. Such business excludes its services for multinational and large enterprise clients as well as emergency call services.
This acquisition has been driven by Cordiant’s Irish fiber platform, Speed Fibre Group, and enhances its influence within the Irish market. Currently, Speed Fibre owns Enet and Magnet+, and the acquisition will further cement its position in the B2B communications space. Also, a long-term connectivity partnership with BT will ensure continuity for customers and establish ongoing collaboration between the two entities.
The strategic move to sell this unit aligns with BT’s focus on serving large multinational clients in its international operations. BT Business CEO Bas Burger mentioned the sale as “another key milestone” that refines BT’s focus. “Our Irish wholesale and enterprise business unit, which has been a leading alternative provider for more than 30 years, will enter a new era with Speed Fibre Group,” Burger stated.
The story of this acquisition stretches back several years. BT initially attempted to sell the Irish unit in 2019 when it was valued at €300 million. London-based private equity firm Mayfair Equity Partners was close to a deal in 2020 before BT withdrew from negotiations.