GO is hoping to raise €49 million through the sale of a 49% stake in BMIT.

Formerly GO Data Centre Services Limited, BMIT’s core business is primarily carried out through the following four companies: BMIT Limited, Kinetix IT Solutions Limited, BM Support Services Limited and BellNet Limited, collectively known as the BMIT Group.

GO said that, further to the approval of its board of directors and subject to general meeting approval, it was seeking to dispose of up to 49% of its shareholding in the BMIT group through an initial public offering of the shares.

The combined portfolio of the BMIT group, GO said, enabled it to offer its customers a complete suite of data centre centric services, including hosting and managed services, as well as a range of public, private and hybrid cloud services.

These could be deployed at the customers’ premises, hosted at any of the BMIT group’s data centres, or integrated with services offered by leading cloud services providers.

Moreover, the BMIT group also specialised in the design, implementation, support and optimisation of ICT solutions for the corporate sector.

The value of the gross assets attributable to BMIT amounts to some €15.8 million and profit after tax generated during the 2017 financial year amounted to €4.1 million.

GO said the sale of the shares would generate liquidity that would in turn be applied to deliver returns to its shareholders.