merrion street

Minister for Communications Denis Naughten 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)