CityFibre, the UK\u2019s largest independent full fibre platform registered in London, has reached an agreement with its shareholders and existing lenders for a significant \u00a32.3 billion financing round. This funding is designed to accelerate the company\u2019s next phase of growth.<\/p>\n\n\n\n
The financing includes \u00a3500 million in new equity from existing CityFibre shareholders, highlighting their continued commitment to CityFibre\u2019s long-term strategy and its role in providing critical digital infrastructure across the UK.<\/p>\n\n\n\n
Additionally, CityFibre has agreed a committed \u00a3960 million expansion of its existing debt facilities. This is supported by a syndicate of lenders including Lloyds, the National Wealth Fund, NatWest, and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale. The facility will support CityFibre\u2019s ongoing network investment and enable it to connect hundreds of thousands of new customers nationwide.<\/p>\n\n\n\n
An \u00a3800 million accordion facility is also being made available to help drive CityFibre\u2019s continued expansion through the acquisition of full fibre network assets. This facility will be used to finance the company\u2019s mergers and acquisitions pipeline, solidifying its position as a sector consolidator.<\/p>\n\n\n\n
Greg Mesch, CEO of CityFibre, said: \u201cThis round of financing will supercharge CityFibre\u2019s next phase of growth, as we consolidate the altnet sector, accelerate the pace of customer connections and unleash the full power of our market-leading 10Gb XGS-PON network, for the benefit of all our partners, their customers and for the UK economy. There is huge opportunity ahead for CityFibre and it is testament to the success of the company that we have such strong backing from our lenders and shareholders. This multi-billion-pound investment into critical digital infrastructure will deliver significant benefits across the UK, helping to realise potential and unlocking economic growth.\u201d<\/p>\n\n\n\n
This investment marks a significant moment in the upgrading of the UK\u2019s digital infrastructure, aiming to provide world-class services to millions of consumers and businesses and lay the digital foundations for decades of economic growth.<\/p>\n\n\n\n
The Chancellor of the Exchequer, Rachel Reeves, said: \u201cToday\u2019s announcement shows Britain is attracting billions of pounds of investment, including through the National Wealth Fund, driving growth across British businesses. Investing in our digital infrastructure is key to ensuring our economy is fit for the future. Through our Plan for Change we\u2019re growing the economy by boosting investment in Britain and working hand in hand with businesses to create jobs, to put more money in working people\u2019s pockets.\u201d<\/p>\n\n\n\n
Secretary of State for Technology, Peter Kyle, said: “This investment in CityFibre is welcome news. It’s proof our telecoms industry is driving investment into the UK, as well as building the digital foundations that will serve generations to come. The success of the UK’s network providers will help accelerate the rollout of gigabit-capable broadband to millions of homes and businesses across the country. I hope to see even more success stories like this one, because this sector is critical not just to improving internet speeds, but to transforming quality of life for communities and creating opportunities in every part of the country as part of our Plan for Change.”<\/p>\n\n\n\n
Over the past 12 months, CityFibre has announced its first full year of profitability, launched Sky\u2019s full fibre and Gigafast+ services across its network, completed the integration of Lit Fibre, and announced the acquisition of Connexin\u2019s full fibre infrastructure. The company has now reached more than 4.5 million premises with its full fibre network, putting it more than halfway to its target of 8 million premises.<\/p>\n\n\n\n
Image source: Cityfibre<\/p>\n\n\n\n
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CityFibre, the UK\u2019s largest independent full fibre platform registered in London, has reached an agreement with its shareholders and existing lenders for a significant \u00a32.3 billion financing round. This funding is designed to accelerate the company\u2019s next phase of growth. The financing includes \u00a3500 million in new equity from existing CityFibre shareholders, highlighting their continued […]<\/p>\n","protected":false},"author":1,"featured_media":1674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,32],"tags":[119],"class_list":["post-1673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-funding","category-telecom","tag-london"],"yoast_head":"\n