FOUR bids have been received for Irish Broadband, the wireless internet company majority owned by infrastructure group NTR, writes Ciaran Hancock.

It is understood that Clearwire, an American group already providing broadband service here, and one other company have offered to acquire Irish Broadband.

Two separate proposals offering to inject fresh capital into the business have also been received.

It is not clear who else has tabled a proposal. BT, UPC and Sky Ireland are all thought to have looked at the business but decided not to invest.

This follows a decision by Irish Broadband’s owners to raise €20m-€25m in new equity for the wireless internet business. The fundraising is being handled by Goodbody Corporate Finance.

NTR is believed to have about 30,000 broadband subscribers, making it one of the top five providers in the republic. Led by Neil Parkinson, the company targets both the residential and corporate markets.

The company reported revenues of €8.2m in the 15 months to March. This compares with turnover of €2.2m in calendar 2004.

The wireless internet provider has 27 exclusive 3.5GHz licences here. NTR said a number of proposals regarding the future of Irish Broadband were being considered.

“Although NTR has embarked on an environment-led (corporate) strategy it is fully supportive of Irish Broadband in terms of its long-term goals and the future of the business,” NTR added.

NTR stated its desire to concentrate on its core business: waste management, roads, energy and water. The company is thought to value the business at €60m but financiers say it is worth about €20m. Irish Broadband is a subsidiary of NTR, which owns about 63% of the business. Kilsaran, a Co Louth-based building materials group, controls 28% with the balance owned by Jeremy Nell and Paul Doody, its co-founders.

In September, Irish Broadband said it would spend €13m to expand its capacity and coverage throughout Ireland.

In January, the company completed a €25m funding round from existing shareholders.

Separately, John Riordan, the Irishman who headed the European activities of UPC, a giant cable TV group, has joined debt-ridden Smart Telecom to advise on its restructuring.

It is understood that Riordan was introduced to the company by NCB, which is advising on the restructuring of Smart. Building materials millionaire Brendan Murtagh is in the process of acquiring Smart for €1.

The Kerry-born cable veteran is best known for his work in managing the giant UPC through a Chapter 11 restructuring. Riordan helped increased customer numbers and operational performance during the bankruptcy protection period.