Magnet acquires Imagine’s retail business division

7 Mar 2016

Irish ISP Magnet Networks has announced its acquisition of the retail business division of WiMAX operator Imagine Communications in an all-cash transaction. The purchase will see Magnet’s business unit grow to 11,000 SMEs and corporate customers, while the enlarged operator will employ a total of 95 people, including 17 new staff from the acquired company. Imagine’s decision to sell its retail business division is said to form part of its strategic focus on the national rollout of its new 4G LTE network.

‘The acquisition of Imagine’s retail business division is a step-change acquisition for Magnet, placing us as the third largest telecoms provider to the business community in Ireland,’ commented Magnet CEO Mark Kellett, adding: ‘Our strategy is to provide a credible choice to businesses of all sizes across Ireland based on the quality of our network and range of services.’ Magnet notes that it has invested more than EUR120 million (USD132 million) since its establishment in 2004, although the operator has not provided financial details for its latest acquisition.

Ireland, Imagine Communications, Magnet Networks