An Abu Dhabi sovereign wealth fund and a part of the Ikea retail empire are poised to take stakes in the UK telecoms infrastructure group CityFibre in a deal that would value it at about £2bn.
Mubadala Investment Company and Interogo Holding, the investment arm of the group that owns the Ikea franchise, would be the latest investors to tap into alternative UK networks, which are trying to take on the two established operators, BT’s Openreach and Virgin Media.
The two funds are close to injecting £1bn of new equity into Goldman Sachs-backed CityFibre, people briefed on the matter said. They are also among several investors in talks to provide £500m of debt financing to the London-based company.
Dozens of so-called alt-nets are vying to shake-up the UK’s telecoms market, committing billions of pounds to replace ageing copper lines with fibre cables.
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