Imagine announcement of €120m in investment funding to assist in commercial roll out of high speed broadband welcomed by
Minister for Communications Denis Naughten TD
May 11, 2018
Minister for Communications Denis Naughten TD has welcomed the announcement today by Imagine Communications Group Limited of a €120 million investment and 50.1% share acquisition by Canadian investment firm Brookfield. Imagine states the cash injection will assist the company in rolling out high speed broadband infrastructure to rural and regional areas, following the approval of the transaction by competition and regulatory authorities.
Minister Naughten stated:
"I warmly welcome today's announcement from Imagine. This investment was made possible following the release of the valuable 3.6 GHz spectrum. In October 2016, I signed Regulations which allowed ComReg to auction spectrum in the 3.6GHz band* to provide an 86% increase in total spectrum available for mobile and fixed wireless services. A strong, future proofed broadband network delivered under the National Broadband Plan will underpin and support these key investments by telecommunications companies, such as Imagine, in LTE and 5G evolutionary technologies. Our shared goal is to connect Ireland to the digital age, and this investment will result in rural and regional Ireland getting access to high speed broadband services in the short term. It will also provide the backbone for the roll out of 5G in rural Ireland over the next decade."
*(Wireless Telegraphy (3.6GHz Band Licences) Regulations, 2016 (S.I. 532 of 2016)
Note to Editors:
The Government's National Broadband Plan (NBP) (www.broadband.gov.ie) aims to ensure high speed broadband access (minimum 30 megabits per second) to all premises in Ireland, regardless of location. The NBP has been a catalyst in encouraging investment by the telecoms sector. Today, almost 7 out of 10 of the 2.3 million premises in Ireland have access to high speed broadband. By 2020 it is expected that 9 out of 10 premises will have access to a high speed broadband connection of at least 30 megabits per second download speed. This is being achieved via a combination of commercial investment and a State led intervention. While the procurement is technology neutral, the solution proposed is a predominantly fibre solution, which is widely seen as future proofed and can support services such as fixed wireless.
The Department for Communications, Climate Action and Environment (www.dccae.gov.ie) is in the final stages of a formal procurement process to select a company who will roll-out a new high speed broadband network in the State intervention area.
Imagine is an Irish telecommunications company, providing wireless broadband as well as other telecommunications services.
Brookfield is a Canadian global asset manager, whose investments include real estate, private equity, renewable power /energy and infrastructure.