Investment firm makes Manx Telecom offer

Manx Telecom has received an offer from an infrastructure investment firm to acquire the business.

It's received a proposal from Basalt Infrastructure Partners II GP Ltd. - the acquisition at 215p per share is expected to be completed in early May.

In a statement, Manx Telecom says Basalt will work alongside its management team 'to invest in new technology, to deliver customer service and efficiencies to the business'.

Basalt has added it wants to support the company through its next phase of capital investment, including its commitment to Vannin Ventures and the future requirement of the 5G network roll out.