Irish Broadband sold to Imagine for USD73 million

NTR and Kilsaran Concrete have sold their Irish Broadband business to the communications group Imagine in a deal thought to be worth EUR47 million (USD73.3 million). The new owner says the deal will create an enlarged entity with revenues of more than EUR100 million per annum. As part of the deal, NTR and Kilsaran Concrete will take a 25% stake in Imagine, which will not assume any further debt as a result of the deal, and which has promised to invest EUR7 million in the merged venture. Imagine Communications is the brainchild of the telecoms entrepreneur Sean Bolger. It provides fixed line, broadband and other telecoms services in the Republic via its Imagine, Gaelic Telecom, Access and Cinergi brandings. It also has offices in the Netherlands and the US. Bolger hopes to utilise Irish Broadband’s network and spectrum assets to roll out WiMAX technology across the country.