Enet agrees €5m high-speed broadband deal with Fastcom

Move comes while sister firm Magnet eyes acquisitions as it looks to grow market share

Deal between Enet and Fastcom will mean the latter’s customers able to sign up to services offering broadband speeds of up to 1Gbps. File photograph: Getty

Deal between Enet and Fastcom will mean the latter’s customers able to sign up to services offering broadband speeds of up to 1Gbps. File photograph: Getty

 

Enet has signed a deal worth up to €5 million with Fastcom to provide high-speed broadband services to 350,000 premises via Siro’s fibre network.

The move comes as Enet’s sister company Magnet has said it is in the market for acquisitions as it looks to grow its market share.

The new deal between Enet and Fastcom will mean the latter’s customers able to sign up to services offering broadband speeds of up to 1Gbps.

“We are delighted to announce this deal and to continue our ongoing relationship with Enet. This enables us to expand our product portfolio with access to the nationwide Siro network and, as an independent broadband provider, it means we can offer the best possible solution for any customer in any location,” said Lorraine Gibbons, managing director of Fastcom.

Revenues

Enet is a part of Speed Fibre Group, which is owned by the Irish Infrastructure Fund. Speed Fibre also owns Magnet, having acquired the company late last year.

Speaking to The Irish Times, Magnet chief executive John Delves said the company was aiming to grow revenues to between €45 million to €50 million over the coming years, in part through acquisition.

“We do think we have a strong enough core business where we can achieve organic growth of 10 per cent over the next five years but if there is an opportunity to acquire we will consider it,” he said.

“We’re looking to grow revenues and become a €50 million business which would still leave us being relatively small as a telco player but mean we also have the advantage of still being agile,” Mr Delves added.

Business Today

Get the latest business news and commentarySIGN UP HERE