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November 13, 2006  |  Email This Article   |  Print This Article

New funding for Irish Broadband

DUBLIN (WiMAX Day). Irish Broadband has reported that it is seeking to raise additional funds of up to €25 million. According to a statement issued by the company, they have, “initiated an equity fund-raising to provide financing for the business over the next 18 to 24 month period. It is anticipated that €20-€25 million will be raised in the current round. The process is being managed by Goodbody Corporate Finance.” Irish Broadband operate 27 licenses for 3.5 Ghz spectrum in Ireland, and the company reported revenue of €8.2 million Euros for the twelve months up to March 2006. Irish Broadband is a subsidiary of NTR, an infrastructure and materials group, which owns about 63% of the business and has stated its support for the company and its long-term future. Other shareholders include building materials group Kilsaran, and the founders Jeremy Nell and Paul Doody. In January 2006, Irish Broadband raised €25 million from existing shareholders, making total investment in the company over €40 million.