Brookfield paid EUR8.8m for Imagine controlling stake

Canadian investment firm Brookfield and institutional investor partners paid EUR8.8 million (USD10.0 million) for its 55% voting stake in Irish fixed-wireless broadband operator Imagine Communications, whilst incurring roughly USD2 million in acquisition costs, reports Independent.ie citing Brookfield’s annual report. The deal – agreed in May 2018 and completed in October – gave the purchasers a 31% economic share and control of Imagine, but importantly, also involved Imagine securing EUR120 million in funding from Brookfield-managed funds. Brookfield added that it acquired EUR5.2 million of goodwill as part of the deal, representing the growth the partnership expects to receive from the integration of the Irish operations, plus EUR20.2 million in intangible assets, primarily comprised of customer relationships and a licence. Brookfield told its shareholders: ‘Our investment will fund additional capital as Imagine completes its rollout to customers.’ Last month, Imagine said it would spend EUR300 million bringing high speed fixed-wireless broadband to one million rural homes over the next year-and-a-half.