Asterion to purchase majority stake in National Broadband Ireland

NBI is responsible for the rollout of Ireland's National Broadband Plan.

Spanish investment firm Asterion has bought a majority stake in National Broadband Ireland (NBI), the company announced today.

Asterion will acquire the interests in NBI held by Oak Hill Advisors and Twin Point Capital as well as a number of minority shareholders.

NBI is responsible for the rollout of Ireland's National Broadband Plan.

The price for the acquisition remains undisclosed.

Granahan McCourt will continue to hold its share in NBI alongside Tetrad Corporation, which will also remain a shareholder. 

Asterion is a Spanish investment management firm, headquartered in Madrid. The company focuses primarily on infrastructure investments in Europe.

NBI’s Irish management team will remain in place following the deal.

David McCourt, CEO of Granahan McCourt Capital and chairman of NBI, said: “In Asterion, we welcome a hugely respected partner with decades of experience in telecoms infrastructure that will not only help us deliver on this extremely ambitious project, but also bring long-term commitment to Ireland, which has always been our stated aim.

"At Granahan McCourt, we are delighted to be partnering with Asterion, not only in NBI but with additional investment committed to develop a centre of excellence in Ireland and deliver on our long-term vision to make Ireland globally renowned for telecoms services," Mr McCourt added. 

Winnie Wutte, founding partner of Asterion, said: “We are delighted to partner with Granahan McCourt and continue to invest in the development of rural fibre infrastructure with NBI, in one of the most ambitious fibre rollouts in the world, providing access to rural, long term and futureproofed connectivity in Ireland.

“We are also excited and committed to the opportunity of creating a centre of excellence in Ireland in partnership with Granahan McCourt to open up tremendous long-term opportunities in the Irish market and further cement its leadership position in the provision of a gigabit society," Ms Wutte continued.

The proposed transaction is subject to regulatory and Government approval and is expected to close in autumn 2022. 

Earlier this month, the Oireachtas heard that the rollout of the National Broadband Plan was one month ahead of schedule.

In February, it was reported that the rollout of Ireland’s €3bn National Broadband Plan was  12 months behind schedule, according to the Department of Communications.