GO plc - IPO of BMIT Technologies plc

Thursday, October 4th, 2018

On 3 October 2018, GO plc announced that subject to shareholders’ approval, it will be seeking to dispose of up to 49% of its shareholding in BMIT Technologies plc (“BMIT”) through an initial public offering. BMIT is the holding company of four subsidiaries, namely BMIT Limited, Kinetix IT Solutions Limited, BM Support Services Limited and BellNet Limited. The BMIT Group specialises in the provision of a complete suite of data centre centric services, including hosting and managed services, as well as a range of public, private and hybrid cloud services. Moreover, BMIT Group also offers design, implementation, support and optimisation of ICT solution services to corporate customers.

BMIT Group had total assets of €15.8 million as at 31 December 2017 and generated a net profit of €4.1 million in the last financial year ended 31 December 2017.

In the announcement, GO explained that through the sale of its shareholding in BMIT, it is seeking to raise up to €49 million. These proceeds are earmarked to deliver returns to shareholders. A circular providing further information on the proposed IPO of BMIT will soon be distributed to the company’s shareholders in connection with an extraordinary general meeting during which the company will be seeking shareholders’ approval.

 

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