The CEO of Irish operator Smart Telecom, Oisin Fanning, is planning to double his stake in the company via a share placing due to be completed this week. Fanning currently owns a direct 3% stake in Smart and has secured a EUR5 million loan to up his holding to 6%; he also owns a further 6% in the company indirectly. Fellow shareholder Brandan Murtagh is expected to increase his stake in Smart from 11% to 15%, whilst the company’s current majority shareholder, Cantor Fitzgerald, will halve its 12.7% stake. The placing is to be completed on Wednesday.
Formed in 2000, Smart Telecom claims to be the fastest growing provider of residential, business and metro telecom services in Ireland. Traditionally a reseller of eircom’s voice telephony products, in February 2005 Smart launched its first LLU DSL service, rolling out a 2Mbps service in Dublin for EUR35 a month. The telco is deploying a Resilient Packet Ring (RPR), MPLS-based IP next generation network and plans to expand the service nationally.