Princes Holdings, trading as Irish Multichannel (IMC), has acquired a 51 per cent stake in Switchcom, a telecoms provider, from Independent Newspapers (Ireland), for an undisclosed sum.
Irish Multichannel is jointly owned by US group Liberty Media and Independent News & Media, the parent of Independent Newspapers (Ireland).
Mr Bart Bonsall, chief executive officer of IMC, said the acquisition represented "an excellent strategic fit for Irish Multichannel and underpins the evolution of our company from a cable/MMDS provider to a fully fledged multi-service telecommunications network provider, providing a comprehensive range of services including digital TV, high speed Internet access and direct telephony".
IMC employs almost 500 people and provides a cable service to 250,000 customers.
It is investing more than £300 million (€381 million) in its fibre-optic and wireless network.
Switchcom, based in the Citywest complex outside Co Dublin, employs 60 and has sales of £22 million.
Employment is expected to grow to 180 by the end of the year.
The remaining 49 per cent is owned by the three founding directors.
