NTR looking to sell Irish Broadband for EUR60 million

5 Sep 2006

National Toll Roads (NTR) of Ireland is looking to sell its broadband subsidiary Irish Broadband and has reportedly approached several companies in an effort to secure a deal. Its decision comes as no surprise following its announcement earlier this year that the unit was no longer considered a core part of its business. NTR has valued the company at around EUR60 million (USD77.2 million), although industry watchers suggest the hefty price tag could deter potential suitors. Other reports highlight concerns that the unit’s technology platform may not be compatible with some of the companies that might otherwise consider making a bid.

Irish Broadband has around 25,000 subscribers making it the third largest provider of broadband services in Ireland. The unit reported a loss of EUR4 million in the first six months 2005, but had revenues of EUR8.2 million in the 15 months to March 2006, compared with EUR2.2 million in 2004. NTR is reportedly selling Irish Broadband to focus on its core operations, which include toll roads and waste management.

Ireland, Imagine Communications