Shoosmiths advises the shareholders of Luminet Networks on the sale to Telcom Group
October, 2023 - Milton Keynes, England
Shoosmiths has advised the shareholders of Luminet Networks Limited including Foresight VCT Plc and Foresight Enterprise VCT Plc on the sale to Telcom Group.
Luminet was founded in 2005 and is London’s largest fixed wireless network operator and leading business to business provider, with sustainably led alternative asset manager Foresight Group investing in the business in 2018.
The move helped significantly scale up the company’s footprint in London and network density by adding additional base stations to the existing infrastructure.
The acquisition of Luminet is a key component in Telcom’s growing footprint, as it adds London to the list of existing metro networks, delivering high-speed internet combined with a full stack of applications, products and services to business customers & channel partners throughout the UK.
Telcom Group is backed by Gresham House, a specialist alternative asset manager, who initially committed to invest £63 million into the group in 2021 through its British Strategic Investment Fund (BSIF).
Shoosmiths’ corporate partner Kiran Dhesi led on the deal, supported by senior associate Lawrence Renny and associate Olivia King.
Shoosmiths’ corporate partner Kiran Dhesi said: “We were very pleased to assist our long-term client Foresight Group on this important deal, which involved the sale of one of their long standing investments. Luminet is a business that is a built for accelerated growth and I am sure it will continue to go from strength to strength under the ownership of Telcom.”
Foresight investor director Stephan Gueorguiev, said: “As ever, Kiran and the Shoosmiths’ corporate team provided invaluable advice on this matter. I am extremely grateful to them for their first class work and ensuring that momentum was maintained to secure this transaction.”
