A Somerset-based engineering company has been acquired by a global telecoms network services provider for an undisclosed sum.
Irish firm Obelisk, which employs 250 people across its offices in Wellington, Dublin and Cavan, offers infrastructure solutions for the telecoms and power sectors.
The company has been bought by Portugal’s Constructel Visabeira, a subsidiary of investment collective Grupo Visabeira.
The addition of Obelisk to its portfolio will boost Constructel Visabeira’s projected annual turnover to more than €1bn (£850m).
Newly appointed Obelisk chief executive Ronnie Delaney said the partnership formed part of the firm’s growth strategy, and would allow it to access new markets across Europe and the US, and expand its UK workforce.
It added it would continue to provide existing services to its clients, alongside increased technical capacity to help build further growth opportunities in digitalisation, technology infrastructures and fibre deployment.
Obelisk founding directors Colm Murphy and Padraig Brady said: “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 executive 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 advised on the deal by EY on fiscal issues and DWF on legal advice while Obelisk was advised by IBI Corporate Finance and Amoss Solicitors.
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