Irish altnet Smart Telecom yesterday announced that the firm will exit examinership status (i.e. the process whereby the protection of the courts is obtained to assist the survival of an Irish limited company) on Friday 11 December, when it is acquired by fellow alternative operator Digiweb. Ireland’s highest court has apparently approved a deal under which Smart Telecom will be able to emerge from court protection as a viable member of the Digiweb Group. It is understood the rescue deal includes a plan to restructure Smart’s balance sheet as well as the transfer of its residential and business customer base to managed services provider Digiweb. Smart Telecom will become part of the enlarged operation but will retain the Smart brand name in the short term in a deal that will amalgamate two EBITDA-positive businesses with annual revenues of close to EUR40 million and more than 150 staff. In a statement, Digiweb said: ‘The enlarged Digiweb Group becomes the leading, independent Irish telecommunications company and significantly enhances the scale and scope of the combined Digiweb-Smart service offering’. The enlarged company will have a total subscriber base of 46,500 business, residential, corporate and government customers for broadband, data and telephony, along with over 48,000 webhosting, domain and data centre clients.
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