Netomnia has secured an additional £25 million loan from the National Wealth Fund (NWF).
Fri, 8/04/2022 - 11:01
Netomnia’s target to hit one million premises in the next two years has been boosted by £295m in new funding led by DigitalBridge Investment Management.
The investment will come alongside follow-on commitments from existing shareholders Soho Square Capital and Advencap.
Netomnia, and its ISP YouFibre, have so far passed 130,000 premises since rollout began in 2020. operating model that enables it to achieve swift deployment.
CEO Jeremy Chelot (pictured) said: “We are scaling rapidly and aim to play an active role in unleashing the UK’s digital potential by delivering the benefits that come with multi-gigabit fibre broadband.”
Manjari Govada, Principal at DigitalBridge said: “We have been highly impressed with the growth of the business and the team Jeremy has assembled.”
The transaction is expected to close in the second quarter of 2022, subject to regulatory approvals and customary closing conditions.
Vinson & Elkins L.L.P. served as legal counsel to DigitalBridge and Stephenson Harwood LLP advised The Group and the existing shareholders in connection with the transaction. Netomnia was advised by independent investment bank Greenhill.
