A consortium of investors led by US banking giant Goldman Sachs is set to acquire broadband firm CityFibre for over £500m.
CityFibre, the UK’s leading alternative provider of wholesale full-fibre network infrastructure, has agreed to a £537.8m takeover by a consortium of American investors.
With dense duct and fibre footprints in over 40 cities throughout the UK, the company has established itself as one of the UK’s top challenger broadband networks in recent years.
The consortium, which has bid 81p per CityFibre share, includes investors from private equity firm Antin and is being led by Goldman Sachs’ West Street Infrastructure Partners.
CityFibre chairman Chris Stone said: “CityFibre has established itself as a leading independent provider of wholesale fibre infrastructure in the UK and has been on a transformational journey since its IPO (initial public offering) in 2014.”
In its full-year results released alongside the deal, CityFibre reported an 80% rise in underlying earnings to £4.5m for 2017.
It also saw revenues more than double to £34.8m compared to £15.4m the previous year.
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