CityFibre has completed its acquisition of Lit Fibre, accelerating its rollout by 220,000 premises and bringing Newlight Partners on board as minority shareholders.
Mon, 25/09/2023 - 09:48
Rural altnets SWS Broadband and Cadence Networks have been merged into Voneus, which has also saved Broadway Partners from Administration.
The combined group, moving forward under the Voneus brand, will be funded with up to £250m with a target to serve over 350,000 premises across the UK.
SWS Broadband, Cadence Networks, and Broadway Partners operate in areas adjacent to where Voneus is already active.
Christopher Traggio, CEO of Voneus Broadband, said: “We have the backing of our shareholders to accelerate our rollout plan, which will make a positive impact as we all share the same focus to deliver innovative broadband solutions to communities across the UK.”
Tiger Infrastructure Partners, the principal shareholder of RBS, the holding company of SWS Broadband and Cadence Networks, will become a major shareholder in the combined group alongside Macquarie Capital (which initially invested in Voneus in 2019) and IIF, which first invested in Voneus in 2021.
Oliver Bradley, Senior MD at Macquarie Capital, added: “This important capital raise from three leading infrastructure investors and the joining of UK rural fibre players means we can rapidly accelerate the role we have in closing the digital divide nationwide.”
