A comprehensive round-up of the latest business news covering all sectors within
the Isle of Man’s diverse and dynamic business environment.
MANX TELECOM STRONGER
WITH NEW OWNERS, SAYS CEO
Manx Telecom, has confirmed that
the company’s acquisition by Basalt
Infrastructure Partners II LP (Basalt) is
complete. G
ary Lamb, Manx Telecom CEO, says: “Basalt’s status as a
committed, long-term infrastructure investment firm with a strong
track record of investing in strategic infrastructure assets, means
that the acquisition is a massive vote of confidence in Manx Telecom and
in our future. It is great news for our customers, employees, and the Isle
of Man – and as such represents the start of an exciting new era for the
business and the Island. With the financial strength and experience of
our new owners behind us Manx Telecom is in an even better position to
invest in communications technology infrastructure. Most significantly, we
are now in a much stronger position to invest in FTTP and 5G.”
In March this year Manx Telecom, a PLC listed on the Alternative
Investment Market of the London Stock Exchange, recommended that
shareholders accept the Basalt offer. In April 2019 shareholders voted in
favour of the takeover which was formally approved under Manx Law on 3
May. Trading on AIM is due to be cancelled on 10 May 2019.
Manx Telecom has led the way to deliver significant investment in the Isle
of Man’s telecoms infrastructure - £110m+ has been invested in the last
12 years, the company owns all the Island’s copper network and the vast
majority of the Island’s growing fibre network. State-of-the-art 1Gbps Fibre
to the Premise (FTTP) broadband for consumer and business customers is
already available to over 10% of premises on the Island and is expected to
increase to 23% by the end of 2019.
Key to Basalt’s interest in Manx Telecom is the fact that it is a stable business
with a proven financial and operational track record, led by a strong
management team. Basalt also supports the role of Vannin Ventures as a
springboard to build an international footprint. Vannin Ventures invests in
unique growth opportunities to launch innovative, new telecoms products
and services to markets worldwide, from the Isle of Man.
Basalt will work with the Manx Telecom management team to invest in new
technology to deliver improved customer service and effi ciencies to the
business. The new owners recognise the skills, technical ability, industry
knowledge and experience of Manx Telecom’s management and some
300 employees.
Steven Lowry, Partner of Basalt Infrastructure Partners LLP advisor to
Basalt, says: “We are keen to support Manx Telecom through its next
phase of capital investment, which includes funding fibre to the premises,
its commitment to Vannin Ventures, and the future requirement of a 5G
network roll-out. We look forward to working closely with Manx Telecom’s
management team and employees, and to supporting their ambitions to
continue to provide high quality services to customers and position the
company for the future.”
Gary Lamb, Manx Telecom CEO
With the financial strength and
experience of our new owners
behind us Manx Telecom is
in an even better position
to invest in communications
technology infrastructure
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