Wireless broadband operator Imagine has confirmed its sale to Team Group, Armenia’s largest fixed line telecoms operator, for an undisclosed sum.
The Irish rural broadband provider, which has more than 40,000 customers in the Republic, is majority owned by Canadian investor Brookfield, which is set to retain a minority stake in the business following the sale.
The transaction marks Team Group’s first investment in a European Union country. The Armenian-owned company, which is led by brothers Hayk and Alexander Yesayan, is also a leading mobile phone network operator in its home market.
Team Group is putting a new leadership team in place at Imagine, led by Niall Tallon, who the group said has more than “20 years’ experience in the telecom sector, both internationally and here in Ireland”.
“The National Broadband Plan, supported by the Irish Government, has had a massive impact on the Irish broadband landscape,” the Yesayan brothers said in a statement.
“Over the last 24 months, the shift towards fibre technology has been transformative, particularly in rural Ireland.
“We have bought a company with a proud history of innovation, and a well-recognised brand. This investment by Team Group will finance our five-year strategic plan and enable us to pivot faster to fibre, enhancing service stability and quality for customers.”
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The statement added: “This is our first investment in a company in the EU, and it underscores our confidence in Imagine’s potential for long-term growth in Ireland.
“It is the first step in our ambition to expand into the European market. By leveraging innovative technologies and collaborating with infrastructure partners, we can provide the very best broadband speeds and services for Imagine’s customers and communities.”
The deal was supported by Imagine’s bankers ING.
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