October 25, 2023 By Paul Lipscombe
Telcom Group has completed the acquisition of London-based fixed wireless network operator Luminet.
Telcom, which is backed by Gresham House, a specialist alternative asset manager, confirmed the acquisition yesterday (October 24).
Financial terms of the deal were not disclosed.
Manchester-based Telcom noted that the acquisition expands its footprint across the UK, as the deal adds London to its list of existing metro networks.
The company already provides fiber networks to Manchester, Leeds, Liverpool, and Birmingham.
Founded in 2005, Luminet specializes in Ethernet connectivity across fixed wireless and fiber services.
“The board of Telcom is 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 and provide a platform for our product portfolio of applications, products, and services aimed at the business market,” said Christopher Baldock, Telcom Group’s chairman.
In 2021, Gresham House initially committed to investing £63 million ($76.45m) into Telecom Group through its British Strategic Investment Fund (BSIF).