Wednesday 18 September 2019

McCourt sells stake in Enet to State-backed investor

David McCourt has sold his stake in broadband firm Enet to a State-backed investor.
David McCourt has sold his stake in broadband firm Enet to a State-backed investor.
Gavin McLoughlin

Gavin McLoughlin

David McCourt, the businessman whose dinners with former Communications Minister Denis Naughten caused controversy over the National Broadband Plan, has sold his stake in broadband firm Enet to a State-backed investor.

The deal, first announced in October, has been completed and sees the Irish Infrastructure Fund (IIF) take 100pc of the company, buying the 22pc it did not already own from Mr McCourt’s firm Granahan McCourt. The financial terms of the deal were not announced.

Enet and Granahan McCourt are important players in the National Broadband Plan. Granahan McCourt is leading the last consortium looking to win the contract for the plan, while Enet is a key supplier to the consortium.

A series of dinners between Mr Naughten and Mr McCourt had raised concerns whether the tendering process had been compromised by the men’s relationship.

But a report carried out by consultant Peter Smyth found that “neither the former Minister Denis Naughten, nor Mr McCourt sought to influence the conduct of the tender process in favour of Granahan McCourt or otherwise.”

The report had been ordered by Taoiseach Leo Varadkar.

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