Saturday 17 March 2018

New Enet owners open door for expansion

John Mulligan

John Mulligan

Enet, the privately owned Irish company that manages the State's fibre-optic Metropolitan Area Networks, has been bought by a consortium of international investors, including two US firms – Granahan McCourt and Oak Hill Advisors.

The price paid by the investors hasn't been disclosed.

Among the beneficiaries of the sale are former private clients of the failed Anglo Irish Bank, private equity firm ACT Venture Capital, Limerick-based Enet founder Michael Tiernan, who owns a property development business, and a number of other smaller shareholders.

US investment firm Granahan McCourt, which was founded by David McCourt, was at one point interested in buying the Greenstar waste business in Ireland. His firm has invested heavily in satellite communications. Mr McCourt has Irish links on both his mother's and father's sides and is a member of the American-Irish Historical Society.

Mr McCourt said that it was a "good time" to be investing in Ireland and said Enet represents an "attractive proposition". He said he looked forward to working with Enet management to "expand and maximise" the Metropolitan Area Networks.

Enet's chief executive is Conal Henry. He and other management will remain with the company, whose clients include Vodafone, BT and UPC.

Irish Independent

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