BT Group PLC announced Wednesday that it will sell its Irish wholesale and enterprise subsidiary to Speed Fibre Group for €22 million ($23 million), marking a strategic move to streamline its global operations.
The deal, structured as a put and call agreement, grants each company the right to enforce the sale or purchase at a predetermined price. Speed Fibre, a portfolio company of London-listed Cordiant Digital Infrastructure Ltd., will acquire BT Communications Ireland Ltd. as part of the agreement.
Details of the Transaction
The €22 million deal covers BT’s Irish network infrastructure, which serves over 400 customers and employees. However, it excludes key customer accounts, including multinationals, large Irish organizations, an emergency call answering service, and BT’s data center business.
As part of the agreement, BT and Speed Fibre will maintain a long-term partnership, enabling them to source connectivity solutions from each other.
BT said the sale aligns with its strategy to focus on large enterprise customers in Ireland while streamlining its global business. Despite the sale, BT will retain a presence in Dublin.
