A Somerset-based engineering firm has been acquired by a world telecoms community providers supplier for an undisclosed sum.
Irish agency Obelisk, which employs 250 individuals throughout its places of work in Wellington, Dublin and Cavan, provides infrastructure options for the telecoms and energy sectors.
The corporate has been purchased by Portugal’s Constructel Visabeira, a subsidiary of funding collective Grupo Visabeira.
The addition of Obelisk to its portfolio will enhance Constructel Visabeira’s projected annual turnover to greater than €1bn (£850m).
Newly appointed Obelisk chief government Ronnie Delaney mentioned the partnership shaped a part of the agency’s development technique, and would enable it to entry new markets throughout Europe and the US, and increase its UK workforce.
It added it might proceed to offer present providers to its purchasers, alongside elevated technical capability to assist construct additional development alternatives in digitalisation, know-how infrastructures and fibre deployment.
Obelisk founding administrators Colm Murphy and Padraig Brady mentioned: “Having first founded Obelisk in 1996, we have seen the business go from strength to strength over the last 26 years, building a specialised workforce capable of managing and delivering the most complex and high-quality engineering projects across Ireland and the UK.
“We look forward to this new era of business and continued success with Constructel Visabeira, to offer clients across the globe a more diversified service offering and more innovative solutions.”
Constructel Visabeira chief government Nuno Marques added: “We place quality and efficiency at the centre of everything we do, and as we look toward new trends in the telecoms, power and technology sectors, our new partnership with Obelisk will complement our overarching vision to increasingly meet the global needs of our various international markets.”
Constructel Visabeira was suggested on the deal by EY on fiscal points and DWF on authorized recommendation whereas Obelisk was suggested by IBI Company Finance and Amoss Solicitors.
Like this story? Why not enroll to get the most recent South West enterprise information straight to your inbox.