Press release
Statement from Minister of State Smyth on the change of ownership of National Broadband Ireland
From Department of the Environment, Climate and Communications
Published on
Last updated on
From Department of the Environment, Climate and Communications
Published on
Last updated on
"The National Broadband Plan (NBP) is the government’s initiative to deliver high-speed broadband services to all premises in Ireland. Under the NBP, National Broadband Ireland (NBI) was contracted to build and deliver high-speed broadband to 1.1 million people living and working in over 560,000 premises within the State Intervention Area.
"The project has a revised target, taking account of COVID delays, of 102,000 premises to be passed by the end of January 2023. It is on track to achieve this target, with over 91,300 premises passed to date.
"In July 2022, NBI informed me, as Minister, of its intention to initiate a change in ownership. In line with the National Broadband Plan contract, my department carried out the required processes and due diligence. In October 2022, I subsequently granted consent for NBI’s proposed change of ownership.
"Today, I welcome the announcement by NBI that this change of ownership has concluded. Asterion Industrial Partners has acquired an 80% share of the company, in a deal that will bring about several positive outcomes.
"Firstly, the involvement of a long-term international investor with deep experience in large-scale infrastructure projects will strengthen the resources, expertise and vendors available to NBI, adding significant value to their operations in Ireland. Secondly, this acquisition is a vote of confidence in the success of the project, the continued roll-out by NBI, and the government’s commitment to create a sustainable and digitally connected economy.
"The National Broadband Plan is enabling thousands of households, communities and businesses to embrace digital opportunities and reap the future benefits that will arise from ensuring that all premises across Ireland have access to a high-speed broadband network – regardless of whether they are in an urban or rural environment.
"Finally, under the National Broadband Plan contract, the State will also benefit from this transaction by recovering a percentage of the sale as a clawback, which I understand from NBI will see some €42.7 million returned to the Exchequer as a result of this acquisition.
"I look forward to continuing our work with NBI and now, Asterion."
Asterion is an independent investment management firm focusing on infrastructure investments in Europe, headquartered in Madrid and with presence in London and Paris. As a pan-European long-term investor with decades of experience in telecoms infrastructure and a growing portfolio of rural fibre assets in the UK, Italy and Spain, Asterion has access to resources, expertise and vendors that can add significant value to NBI’s operations in Ireland.
For the most up to date information on the deployment of high-speed fibre within the intervention area visit the NBI website.