Manx Telecom Sold For over £158 Million

Manx Telecom has been sold off for over £158 million pounds.

Telefonica have agreed to sell what they say is the Isle of Man's most important telecommunication and internet provider.

Telefónica confirmed that the decision to sell Manx Telecom came about as a result of its decision to rationalise its business and concentrate its activities in large markets, such as Brazil, Spain, and Germany.

The multi million pound sale is to private equity firm HgCapital and telecoms firm CPS Partners

The Manx Telecom name will stay, no jobs are expected to be lost.