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.

"Today's announcement is another key milestone in focusing our international business on what it does best—providing secure multicloud connectivity to large organizations globally and in Ireland," said Bas Burger, chief executive of BT Business.

Speed Fibre Expands Irish Telecom Infrastructure

Speed Fibre, which owns Irish telecom companies Enet and Magnet+, views the acquisition as a major step toward becoming the country's leading telecom infrastructure provider.

"This acquisition enables us to deliver even greater value to our customers by expanding our range of connectivity solutions," said Peter McCarthy, CEO of Speed Fibre.

The transaction will be financed through Speed Fibre’s existing cash reserves and a revolving credit arrangement.

Legal and Financial Advisors

Simmons & Simmons LLP is advising BT on the sale, while Cordiant and Speed Fibre are receiving legal counsel from McCann FitzGerald LLP and Matheson LLP. Citigroup Inc. and PricewaterhouseCoopers International Ltd. are also advising BT, with PwC additionally supporting Cordiant and Speed Fibre.

Regulatory Approval and Timeline

The deal remains subject to regulatory approval, though the parties have not disclosed which authorities will oversee the process. The companies anticipate completing the transaction in late 2025.