Irish altnet Magnet Networks has announced the acquisition of a 90% stake in Velocity 1, a fibre broadband service provider in the UK, from Quintain Estates, an urban regeneration specialist in London. Quintain will retain a 10% stake in Velocity 1, and together with Magnet will deploy fibre-to-the-home (FTTH) services at a rate of 30,000 homes in the UK per annum. Initial deployments in the Wembley and Greenwich Peninsula areas will see Sky’s television services being provided over fibre.
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OVETEL Magnet acquires 90% stake in Velocity 1
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