Easynet Global Services, the b-2-b communications and managed network services provider has been sold to private equity outfit Lloyds Development Capital for £100m by current owners BSkyB.
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BSkyB picked up Easynet in 2005, and will retain the UK consumer network assets of the firm, which have been folded into its own residential broadband and phone services.
The enterprise assets of the firm have now been deemed irrelevant to Sky's long-term goals.
The two firms will continue to deal with each other through a long-term supply agreement that gives Easynet continued access to Sky's fibre network.
Easynet CEO David Rowe hailed "an excellent opportunity" that "provides us with additional capital to help fund the company's next phase of development".
"Since we've been a part of the BSkyB family we've grown in stature, our revenue has increased organically by oevr 40%, we're profitable and generating cash," he added.
The deal is subject to regulatory approval and a works council consultation. Staff numbers will be unaffected by the transition, Easynet claimed in a statement.