Magnet Networks acquires 90% shareholding in UK fibre broadband provider Velocity 1from Quintain Estates and Development PLC who will retain a 10% shareholding in the business as joint venture partners. Magnet will work with Sky to provide TV services via fibre-to-the-home, this means residents will have to subscribe with Sky as Velocity1 will stop providing TV services.
Magnet Networks’ CEO Mark Kellett said: “The partnership with Quintain Estates and Development offers a tremendous opportunity for us to bring our six years of Fibre-to-the-Home and office deployment and operational expertise to UK customers.
“Velocity is the only operator currently offering 100Mb/s triple play services in the UK market. We are also now leveraging our back office services in Dublin to provide sales, customer support and billing to UK customers. It is our intent to invest in and grow the UK business over the next 10 years given the favourable regulatory and competitive environment, as well as the strong opportunities in the new build market in the UK.”
Magnet was the first ISP in Ireland to build a FTTH network which is now available in more than 12,000 homes, making Magnet the largest residential fibre provider in Ireland and the UK.