US tycoon pumps €38m into Magnet expansion plan

16th May, 2015
US tycoon pumps €38m into Magnet expansion plan
Mark Kellett, chief executive, MagnetDanny Irvine

Ken Peterson, the Irish-American cable entrepreneur, is investing a further €38 million into his Irish telecom firm Magnet Networks to help finance its expansion into Britain and the US.

Company filings show that Peterson injected the money in recent days through Columbia Ventures Corporation (CVC), his US-based telecoms investment vehicle that is the ultimate shareholder of Magnet. Mark Kellett, the chief executive of Magnet, said the money would be used to facilitate a planned expansion...

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