Viatel, the full service telecoms and managed services operator based in Dublin, has agreed to sell its non-Irish infrastructure and enterprise businesses to the Zayo Group for $102m.
The transaction will not affect existing Viatel operations throughout Ireland, or the company’s European Voice and MPLS services, through which the company continues to deliver leading enterprise ICT solutions.
The transaction will see the Viatel fibre network join the US and European network of Zayo and is expected to close by the end of the calendar year, subject to customary closing conditions.
Viatel is a wholly owned subsidiary of the Digiweb Group, founded by CEO Colm Piercy. The Group, headquartered in Dublin, is well funded and supported in its ambitious growth programme by external investors Proventus Capital Partners, Quay Ventures and Morgan Stanley.
Nigel Kelly, investment director, Quay Ventures, said: “Quay Ventures invested in the Digiweb Group in 2012 and we are delighted with this news. It has been an exciting few years and this successful divestment is the culmination of years of hard work by the team. We look forward to continue investing with Viatel in the expansion of our Irish and European businesses.”
Colm Piercy, CEO, Viatel, commented: “This is an exciting time for the Company and the current transaction provides an excellent fit for the European infrastructure business to be part of a wider, fast growing, listed entity that will develop the business further. We are excited by a wave of opportunities within the business currently and with the support of our customers, staff, management and investors we will continue our strong growth into the future, expanding our capabilities through strategic acquisitions and delivering innovative propositions to the market, differentiated by our focus on excellent customer service.”