The takeover of Manx Telecom was sealed today.

Basalt Infrastructure Partners II LP (Basalt) is buying the phone company for £255m.

Gary Lamb, Manx Telecom’s chief executive officer, said ’Basalt’s status as a committed, long-term infrastructure investment firm with a strong track record of investing in strategic infrastructure assets, means that the acquisition is a massive vote of confidence in Manx Telecom and in our future.

’It is great news for our customers, employees, and the Isle of Man - and as such represents the start of an exciting new era for the business and the Island. With the financial strength and experience of our new owners behind us Manx Telecom is in an even better position to invest in communications technology infrastructure. Most significantly, we are now in a much stronger position to invest in FTTP and 5G.’

Manx Telecom employs about 300 people.

In March Manx Telecom, a public limited company listed on the Alternative Investment Market of the London Stock Exchange, recommended that shareholders accept the Basalt offer.

In April 2019 shareholders voted in favour of the takeover which was formally approved under Manx law on May 3. Trading on AIM is due to be cancelled on May 10.

Manx Telecom says it has invested more than £110m in the island in the last 12 years. The company owns all the island’s copper network and the majority of the island’s growing fibre network.

Basalt says it will work with Manx Telecom bosses to invest in technology to deliver improved service and efficiencies to the business.

Steven Lowry, partner of Basalt Infrastructure Partners LLP advisor to Basalt, said: ’We are keen to support Manx Telecom through its next phase of capital investment, which includes funding fibre to the premises, its commitment to Vannin Ventures, and the future requirement of a 5G network roll-out.

’We look forward to working closely with Manx Telecom’s management team and employees, and to supporting their ambitions to continue to provide high quality services to customers and position the company for the future.’

Tomorrow on iomtoday.co.im, Gary Lamb answers some of our questions about what this means for customers and staff.