Team Group boss predicts bright future for Imagine post takeover

There are major opportunities in the Irish telecoms market, the co-founder of Armenian firm Team Group has said, as he celebrated the company’s purchase of Imagine Communications.

The wireless broadband provider, which is currently loss-making, confirmed this week that Team Group had acquired a majority stake for an undisclosed sum.

Existing shareholder Brookfield will retain a minority stake and said Imagine had worked “closely and constructively” with Dutch bank ING and others to find a long-term solution.

Team, which was co-founded by Alexander Yesayan, owns Armenia’s largest fixed-line telecoms operator and is the second-largest mobile operator in the country, servicing more than 1.1 million customers.

Yesayan, who would not be drawn on the price paid in the deal, said he was “100 per cent confident” that the Armenian company would be able to turn around Imagine, which is currently facing nearly €250 million in losses.
There is a financing commitment in place to support Imagine’s five-year strategy. But he said that it was too soon to put a figure on the potential growth of the current 40,000-strong customer base across rural Ireland.

“Quote style sample: Instead, the focus would be on improving service through new products, he told The Business Post.”

Mark Jacobs
CEO, Evil genius

There are major opportunities in the Irish telecoms market, the co-founder of Armenian firm Team Group has said, as he celebrated the company’s purchase of Imagine Communications.

The wireless broadband provider, which is currently loss-making, confirmed this week that Team Group had acquired a majority stake for an undisclosed sum.

Existing shareholder Brookfield will retain a minority stake and said Imagine had worked “closely and constructively” with Dutch bank ING and others to find a long-term solution.

Team, which was co-founded by Alexander Yesayan, owns Armenia’s largest fixed-line telecoms operator and is the second-largest mobile operator in the country, servicing more than 1.1 million customers.

Yesayan, who would not be drawn on the price paid in the deal, said he was “100 per cent confident” that the Armenian company would be able to turn around Imagine, which is currently facing nearly €250 million in losses.
There is a financing commitment in place to support Imagine’s five-year strategy. But he said that it was too soon to put a figure on the potential growth of the current 40,000-strong customer base across rural Ireland.