UK investment manager Gresham House has backed Telcom Group in its acquisition of London wireless network operator Luminet.
Telcom Group, a UK telecommunications network company, is investing an undisclosed amount to buy Luminet a company that provides wireless network, fibre services, and multi-tenant internet services to businesses in London.
Gresham House said the acquisition, backed through Gresham House’s British Sustainable Infrastructure Fund II, follows an initial investment of £63m (€72.7m) the specialist alternative asset manager made into Telcom Group in 2021.
Telcom Group’s acquisition of Luminet, a company founded in 2005, makes the former the largest B2B fixed wireless network provider in the UK.
Simon Adcock, the head of portfolio and co-fund manager of sustainable infrastructure at Gresham House, said: “Telcom Group is having a marked impact on businesses across the UK, enabling them to play a bigger role in their local economies by providing high-speed networks that have become a cornerstone of successful businesses in recent years.”
Adcock said the two businesses, Telcom Group and Luminet, are a ”strong strategic fit in terms of their culture and values”, the geographies they cover, and the products and services they provide, adding that the acquisition will provide “a platform for the accelerated growth of Telcom, enhancing their offering” all over the country.
Christopher Baldock, Telcom Group’s chair, said: “The board of Telcom are delighted to be working with the team at Luminet whose London footprint and strong channel proposition will complement and integrate into Telcom’s network infrastructure in Manchester, Leeds, Liverpool, Cardiff and Birmingham and provide a platform for our product portfolio of applications, products and services aimed at the business market.”
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