HgCapital to list Manx Telecom on AIM

Alice Murray
16 January 2014

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HgCapital has appointed Liberum Capital and Oakley Capital to prepare for an AIM listing of Isle of Man telecoms group Manx Telecom.

According to the FT, the flotation could raise more than £150m and is expected to achieve a market cap of £250m.

HgCapital acquired Manx Telecom alongside telecommunications specialist CPS Partners in June 2010 from former parent Telefonica, in a deal valuing the company at £158.8m.

Since the acquisition, HgCapital has supported the company's growth through signing a Mobile Virtual Network Operator (MVNO) partnership with 02, which allows international users to purchase pre-paid SIM cards. Other notable developments include the launch of an ultra-fast broadband service, the opening of a new flagship retail store, the launch of the island's first HD online news channel, MTTV, and the creation of more than 30 free Wi-Fi hotspots around the island.

Manx Telecom provides fixed-line, mobile, broadband, hosting and managed services to businesses, consumers and the public sector throughout the Isle of Man. The company employs more than 300 people.

Manx can trace its roots back to 1889, when islander George Gillmore was granted a licence by the Post Office to operate a public telephone system. The telecoms group was officially formed in 1987 when British Telecom (BT) won a 20-year licence to operate a telephone service on the island. In 2001, 02 and Manx Telecom were demerged from BT, and were subsequently acquired by Telefonica in 2006.