Metronet strikes deal to acquire Venus Business Communications
UK carrier Metronet has agreed to acquire fibre provider Venus Business Communications for a undisclosed fee.
Manchester-based Metronet said the acquisition will provide it with better strategic access into the London market as it seeks to launch a “disruptive” last-mile platform.
Venus was established in 2005, offering business grade low-latency leased-lines and Ethernet networks. It has revenues of around £7.8 million per year, delivering high speed fibre up to 10Gbps to the UK capital.
Its portfolio includes six data centres, which Metronet claims will be strategically important to its expansion, as it looks to expand its transit network across Europe.
Brian Iddon, director and founder at Venus, said: “I am immensely proud of the business we have built over the past 12 years and am excited about what we will be able to achieve as part of the Group’s wider offer. I have known Lee and the team for a number of years and feel that Metronet are the perfect fit for us as we look to build on the strong momentum we have generated to date.”
The acquisition follows a similar deal in October that saw Metronet buy internet infrastructure and hosting firm M247 for £47.5 million.
Metronet’s takeover of Venus is backed by private equity firm Livingbridge, which first invested in the carrier in June 2014 as part of a secondary buyout.
Lee Perkins, chief executive at Metronet (UK), said: “Venus is a fantastic business which has established itself as a leading player in the London market thanks to its market leading levels of speed and reliability. Just as importantly, Venus has the same entrepreneurial and customer-centric culture as us so I have no doubt that it will be an excellent fit with our business.”