MANX TELECOM acquired by BASALT INFRASTRUCTURE PARTNERS

Infrastructure fund manager Basalt Infrastructure Partners, acting through its newly incorporated acquisition vehicle Kelion Bidco Limited, has reached a definitive agreement to acquire the entire issued and to be issued share capital of Manx Telecom plc. Implemented by means of a Court-sanctioned Scheme of Arrangement under section 157 of the Isle of Man Companies Act 2006, the recommended cash acquisition has secured the unanimous backing of the target's board of directors. Instructed by independent financial advice from Oakley Advisory, the Manx Directors intend to unanimously recommend that shareholders vote in favor of the scheme resolutions, having already provided irrevocable undertakings to vote their own beneficial holdings—representing approximately 0.52 per cent of the issued share capital—in support of the transaction.

In the past, the company went through several major transactions, notably an LBO with Hg Capital in 2010 and an IPO in 2014. These successive operations underscore the strong attractiveness of the company's business model.