Telecom Eireann has bought Northern Ireland telecoms equipment supplier Atlas Communications for a figure believed to be in the region of £4 million (€5.08 million).
The sale follows an announcement three months ago that the soon-to-be-floated State operator is to invest £50 million competing for business in the North. Telecom also announced yesterday that its new chief executive for its Northern operations is Mr Chris Kinghan.
Mr Kinghan is currently managing director of Atlas, which is the second biggest supplier of telecommunications in the North, after British Telecom. It is understood to have an annual turnover in excess of £5 million. Atlas will continue to trade under its current name, but sources said yesterday that its acquisition would give Telecom Eireann a valuable entree to the market.
In a statement, Telecom chief executive Mr Alfie Kane said Atlas was a very good fit for his company. "We are gearing up to be in a position to offer all customers in Northern Ireland a telecommunications `one-stop shop' solution," he said. "Atlas will also be in a position to offer their customers telecommunications services in addition to equipment."
Mr Kane added that the two companies offer each other excellent growth opportunities. On Mr Kinghan's appointment, he said the new chief executive had a wealth of experience in telecommunications and in the Northern Ireland market. Mr Kinghan has worked in the industry for 15 years, following a 12-year stint in Canada. He founded Integrated Telecommunications in 1984. In 1988, the company was merged with Atlas Communications, creating the company of which Mr Kinghan has been managing director for the past 10 years.
Mr Kinghan said the bringing together of Atlas and Telecom Eireann would create a very strong competitor in Northern Ireland.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)