Manx Telecom plans to list on AIM stock exchange
Isle of Man telecoms group Manx Telecom is reportedly planning to float on the AIM exchange, as the company seeks private equity investment.
Providing over two-thirds of mobile and fixed-line services on the Isle of Man, Manx Telecom is the latest telecoms operator preparing to raise finance through capital markets. It is already majority owned by HgCapital, after the private equity group bought out the company from Telefónica for £159 million in 2010.
Dependant on what stake is sold on the exchange, the flotation could raise over £150 million, with the company expected to value at £250 million in total.
The group provides fixed-line, mobile and data services across the island to businesses and consumers, employing over 300 people. It was also the first operator in Europe to launch a 3G network, partly because of its connection to Telefónica, as the company used it as a test case to develop new products and services.
Manx is presently rolling out 4G on the island.