In some news that I didn’t initially see and which doesn’t seem to have gotten much press, several investors from the Warren Buffett circle have bought a fiber network operator and builder. Not in the USA, but over in Ireland.
A consortium made up of Granahan McCourt, Oak Hill Advisors, and the family of Walter Scott Jr has purchased e|net from ACT Venture Capital and the company’s founder Michael Tiernan. While privately held, e|net is tasked with operating the Irish state-owned metro area networks in 94 cities and towns across the country. Beyond that I must confess that I don’t know as much about them as I probably should.
I find it fascinating that Walter Scott Jr., who has served as Chairman of the Board at Level 3 Communications since the beginning, is out there putting more money into fiber. But valuations in Europe are certainly attractive enough to draw in value investors with his perspective.
Financials for the deal were not supplied, but operationally nothing will change for the company. At least for now, as I wonder if the new investors might have further plans in the neighborhood.
If you haven't already, please take our Reader Survey! Just 3 questions to help us better understand who is reading Telecom Ramblings so we can serve you better!Categories: Mergers and Acquisitions · Metro fiber · Uncategorized