Magnet agrees Imagine deal
Telecommunications and cloud services provider Magnet Networks has bought the Irish retail business division of Imagine Communications. The all-cash transaction will make Magnet Networks the third largest provider of business telecoms in Ireland.
In a statement, Magnet said its business division will have 11,000 Small and Medium Enterprise (SME) and corporate customers following the transaction.
Magnet will employ 95 people, including the 17 new staff from the acquired business, with plans to hire additional people in the coming months.
Imagine is said to be selling its retail business division as part of its "strategic focus on the national rollout of its new advanced 4G network which the company believes will bring competitive high-speed broadband services to businesses and consumers in regional and rural Ireland".
Magnet said it will use the Imagine network to provide existing and new business customers with wireless broadband services.