New owner for Manx Telecom

Acquisition to be completed by May

Manx Telecom has a new owner.

The company has today (Wed 13) announced that it has received and recommended to shareholders an offer from Basalt Infrastructure Partners GP Limited to acquire the business.

The acquisition, which values Manx Telecom at 215p per share, is expected to complete in early May.

In a statement this morning, MT say Basalt is a committed, long-term infrastructure investment firm with a strong track record of investing in strategic infrastructure assets.

It's stated that Basalt intends to work with Manx Telecom's management team to invest in new technology to deliver improved customer service and efficiencies to the business.

Steven Lowry, Partner of Basalt Infrastructure Partners LLP, says they're keen to support the company through its next phase of capital investment, which includes its commitment to Vannin Ventures and the future requirement of a 5G network roll out.