The Kingdom, Page 29, 13-May-2008
Imagine who bought Irish Broadband

Gaelic Telecom's owner, Imagine, has confirmed reports that it has acquired Irish Broadband in a move that will create an enlarged group with annualised revenues of over €100 million.
The €47m deal, which values the enlarged Imagine Group at €187m, firmly establishes Imagine as the number 1 alternative provider of communications solutions in Ireland with:

* 12% share of the critical SME market with 15,000 business customers
* 10% share of the Broadband market with over 80,000 customers
* 5% share of the total residential market with over 115,000 customers

Imagine Group is acquiring the business from NTR and Kilsaran on a debt free basis. In addition, NTR and Kilsaran will jointly make a further investment of ?7m in the Imagine Group in support of the enlarged Imagine Group?s strategy.

We are delighted to have concluded this transaction which establishes Imagine as the No 1 competitor in the Irish market.

Strategically we have acquired substantial network and spectrum assets on a nationwide basis which enhances our current service offerings and which facilitates the cost-effective deployment of WiMAX technology" said Imagine chairman, Sean Bolger.

In addition to the acquisition Gaelic Telecom, the official telecoms partner to the GAA, also announced this week that it had raised€2.9 million for grassroots GAA activity for GAA clubs and primary schools around the country in 2007.