The Donegal-owned KN Group is on the verge of being bought by French communications contractor Circet.
KN Group’s CEO is Frosses native and leading rally driver Donagh Kelly, who recently hired advisors to work on a sale or recapitalisation of the company.
The Kn Group – who employ over 2,500 people – are leading providers to the Telecommunications, Transport Infrastructure and Power Sectors in Ireland, UK and internationally. The count the likes of Eir, Vodafone, BT, Virgin, ESB, Sky and the London Underground as customers.
It is believed that the sale would fetch in excess of €150m.
The amalgamation would see Kelly continue to lead the KN Group’s strategy and would assume the role of Deputy CEO.
The Circet CEO is Philoppe Lamazou.
In its most recent accounts, too the end of February 2017, KN had a turnover of over €231m with an operating profit of €11.1m.
“The deal, which is subject to anti-trust clearance, will further increase the scale and expertise KN can offer our clients,” Mr Kelly said.
It is understood that Kelly expects anti-trust clearance to be granted before the end of the current calendar year.
The KN Group are currently the main sponsors of Donegal GAA and Finn Harps.