mynth
03/2019

MANX TELECOM acquired by BASALT INFRASTRUCTURE PARTNERS

UNITED KINGDOM Telecom / Operators EV £300–700M

Context

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.

MANX TELECOM, which reported an EBITDA margin of 33.4% in 2018, is valued in this transaction at an EV/EBITDA multiple of 9.4x, representing a discount to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.7x).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Manx Telecom is the undisputed incumbent fixed and mobile telecom operator on the Isle of Man. Operating as a former monopoly, the business provides mission-critical telecommunication and data services to a broad base of commercial and consumer clients. Renowned for its technological leadership, Manx Telecom was the first European operator to launch a live 3G network and the continent's first commercial HSDPA service. Supported by a skilled workforce of 300 professionals, the platform boasts highly resilient core operations while successfully scaling rapidly growing, high-margin niche off-island voice and data hosting divisions.

Ent. Value

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£255.9m

Equity Value

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Multiples

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EV / Revenue

3.1x

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EV / EBITDA

9.4x

EV / EBIT

10x–18x

Historical Financials (GBP)

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Year
Rev
EBITDA
EBIT
2018
81.5m
27.2m
£5–25M
2017
£50–100M
£10–30M
£5–25M

Other operations with MANX TELECOM

Other operations with MANX TELECOM

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
10/2025JT GROUP / CVCMANX TELECOMUNITED KINGDOMOperators
02/2014PUBLIC MARKETS (IPO)MANX TELECOMUNITED KINGDOMOperators
06/2010HG CAPITALMANX TELECOMUNITED KINGDOMOperators

REFERENCES

Valuation range: EV £300–700M

Revenue range: £50–100M

EBITDA range: £10–30M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of MANX TELECOM by BASALT INFRASTRUCTURE PARTNERS are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: manx telecom

Acquirer: basalt infrastructure partners