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[Bowdon]

Business Broadband ISP Metronet UK Gobbles Rival M247 for £47.5m

Alternative business ISP Metronet UK, which has built its own hybrid fibre optic and wireless broadband networks’ in several urban areas around the United Kingdom, has today acquired rival provider M247 for £47.5 million.

At present Metronet UK, which is backed by mid-market private equity firm Livingbridge who invested in the ISP during June 2014 as part of a £45m secondary buyout, employs 150 people across two sites in Manchester and works with over 2,500 businesses (e.g. Intu, Sofology and ao.com). Overall they delivered a respectable turnover of £21.5 million in the financial year to 2016.

However the ISP intends to keep growing and thus they’ve gobbled M247 as part of a new “targeted buy and build strategy,” which will enable them to offer a combined portfolio of connectivity and content services including wireless network services, datacentres and managed hosting solutions across the UK and Europe. The combined business will have three datacentres, over 200 staff and EBITDA in excess of £12m million.