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O2 UK Parent Telefonica Sells Manx Telecom Stake to Private Equity Firm

Posted: 08th Jun, 2010 By: MarkJ
manx telecom ukA European private equity firm, HgCapital, has acquired Telefonica's majority stake in Manx Telecom, the Isle of Man's (UK) largest telecommunications and broadband internet provider (ISP), for £158.8 million. The acquisition is being completed alongside CPS Partners, a specialist telecommunications management company.

The move is significant because Telefonica's sibling, O2 UK, has often used Manx Telecom as a test-bed for its latest technologies. However, much of this is now being done in Spain, while recent live O2 tests of next generation Long Term Evolution ( LTE ) Mobile Broadband technology were instead conducted in Slough.

Chris Hall, Managing Director at Manx Telecom, said:

"We are delighted that HgCapital and CPS Partners have chosen to make this significant investment in Manx Telecom, and in the Manx economy. This is a huge endorsement of our track record in building a world class company, and a vote of confidence in the future of the business.

We are extremely excited to have the opportunity to work with such professional and dynamic partners, each of whom have the skills and experience required to ensure that we can continue to develop the Isle of Man’s class leading telecoms infrastructure, and help us to maximise the potential of our global off-Island business."

Manx Telecom currently employs 300 people and reported revenues of £69 million, with EBITDA of £25 million, in the year ended 31st December 2009.
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