Magnet acquires 90% stake in Velocity 1

8 May 2012

Irish altnet Magnet Networks has announced the acquisition of a 90% stake in Velocity 1, a fibre broadband service provider in the UK, from Quintain Estates, an urban regeneration specialist in London. Quintain will retain a 10% stake in Velocity 1, and together with Magnet will deploy fibre-to-the-home (FTTH) services at a rate of 30,000 homes in the UK per annum. Initial deployments in the Wembley and Greenwich Peninsula areas will see Sky’s television services being provided over fibre. Magnet’s CEO Mark Kellett also revealed that Magnet has signed a memorandum of understanding (MoU) with an as yet unnamed dark fibre infrastructure owner in the UK. The agreement stands to make Magnet the first provider to join the dark fibre network and potentially serve up to one million homes in the UK.

United Kingdom, Magnet Networks