BMIT to invest €47.1 million in approximately 280 rooftop sites, as it creates a high quality and diversified technology company, with an improved long-term financial profile
Leading cloud, infrastructure, and cybersecurity provider BMIT Technologies plc (“the Company”) today announced that its shareholders have resoundingly approved the Company’s acquisition of GO plc’s passive (tower) infrastructure, used for the hosting of its cellular telecommunications equipment.
By way of this transaction BMIT will be acquiring approximately 280 sites and ‘towers’, in the process taking over the ownership and management of the rooftops on which GO have installed or will be installing, active equipment to run their mobile services to subscribers.
Once under BMIT’s ownership, BMIT will oversee maintenance and upgrades, while allowing GO continued access for their operations and provision of mobile services on their network. As part of the agreement, GO plc will be required to install and deliver to BMIT an additional 30 sites by the end of 2030.
The Company said it will be acquiring these sites / towers for a total consideration of approximately 47.1 million euro.
Ing. Christian Sammut, CEO at BMIT Technologies plc, said: “The Board of Directors and I are very happy that this transaction, called Project Sky, has received the full backing of our shareholders. Project Sky will have an immediate impact on our revenue and performance, strengthening the company while further diversifying and improving our growth profile and revenue base.
“Project Sky will also have a positive impact on our longer-term margins and help us reduce our dependency on specific sectors. By creating this new vertical, we are building on years of experience in our core infrastructure and data centre business, whilst continuing to pave the way for our transformation into a hybrid IT solutions provider. Moreover, it ensures a stable and guaranteed revenue which will help us achieve our objectives for the years to come.”
The acquisition or ‘Proposed Transaction’ was approved by 99.99% of the Company’s shareholders during an extraordinary general meeting on Monday, 25th September 2023.