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Goldman Sachs-Based Consortium to Acquire U.K.-Based CityFibre, Pioneer of the Wholesale Open Access Broadband

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BROADBAND BREAKFAST INSIGHT: We’ve been watching the progress of CityFibre closely because of what it is demonstrating on the other side of the pond: The future of broadband is in wholesale. Separating infrastructure from services provides significant advantages in being able to raise capital. This is necessary to construct gigabit fiber networks in order to future-proof America’s currently slower-than-it-should-be broadband. We’ll look forward to unpacking the implications of this deal for the United States.

CityFibre set to be bought by Goldman Sachs-backed consortium in £538 million deal

UK-based telecoms firm CityFibre is the subject of a £538 million takeover bid from a consortium of infrastructure funds backed by Goldman Sachs.

The bid was made by Antin Infrastructure Fund and West Street Infrastructure Funds and has already been accepted by two-thirds of CityFibre shareholders.

The company, which offers local wholesale fibre, has recommended the offer to shareholders, saying it will help the firm achieve its ambition of deploying full-fibre to 20% of the UK population and offer an alternative to BT’s Openreach.

“Under private ownership, CityFibre will be able to gain alternative and potentially easier access to the financing required for its announced FTTH (fibre-to-the-home) deployment,” said Chris Stone, chairman of CityFibre.

[more…]

Source: CityFibre set to be bought by Goldman Sachs-backed consortium in £538 million deal

(Photo of CityFibre CEO Greg Mesch.)

Drew Clark is the Editor and Publisher of BroadbandBreakfast.com and a nationally-respected telecommunications attorney at The CommLaw Group. He has closely tracked the trends in and mechanics of digital infrastructure for 20 years, and has helped fiber-based and fixed wireless providers navigate coverage, identify markets, broker infrastructure, and operate in the public right of way. The articles and posts on Broadband Breakfast and affiliated social media, including the BroadbandCensus Twitter feed, are not legal advice or legal services, do not constitute the creation of an attorney-client privilege, and represent the views of their respective authors.

Broadband Roundup

Mediacom Files Google Complaint At FCC, Americans Support Broadband Investment, Broadband Mapping Underreporting

Mediacom goes after Google muni deal, majority of Americans want broadband supports, FCC data over-reports broadband availability.

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Photo of Mediacom CEO Rocco Commisso

BROADBAND BREAKFAST INSIGHT: We’ve been watching the progress of CityFibre closely because of what it is demonstrating on the other side of the pond: The future of broadband is in wholesale. Separating infrastructure from services provides significant advantages in being able to raise capital. This is necessary to construct gigabit fiber networks in order to future-proof America’s currently slower-than-it-should-be broadband. We’ll look forward to unpacking the implications of this deal for the United States.

CityFibre set to be bought by Goldman Sachs-backed consortium in £538 million deal

UK-based telecoms firm CityFibre is the subject of a £538 million takeover bid from a consortium of infrastructure funds backed by Goldman Sachs.

The bid was made by Antin Infrastructure Fund and West Street Infrastructure Funds and has already been accepted by two-thirds of CityFibre shareholders.

The company, which offers local wholesale fibre, has recommended the offer to shareholders, saying it will help the firm achieve its ambition of deploying full-fibre to 20% of the UK population and offer an alternative to BT’s Openreach.

“Under private ownership, CityFibre will be able to gain alternative and potentially easier access to the financing required for its announced FTTH (fibre-to-the-home) deployment,” said Chris Stone, chairman of CityFibre.

[more…]

Source: CityFibre set to be bought by Goldman Sachs-backed consortium in £538 million deal

(Photo of CityFibre CEO Greg Mesch.)

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Broadband Roundup

AT&T To Spin Out WarnerMedia, California’s $7B For Broadband, FCC Licences For Tribes, TPRC Virtual For Now

AT&T spins out WarnerMedia, California putting $7B in broadband, tribal lands get licences, and TPRC events virtual for now.

Published

on

BROADBAND BREAKFAST INSIGHT: We’ve been watching the progress of CityFibre closely because of what it is demonstrating on the other side of the pond: The future of broadband is in wholesale. Separating infrastructure from services provides significant advantages in being able to raise capital. This is necessary to construct gigabit fiber networks in order to future-proof America’s currently slower-than-it-should-be broadband. We’ll look forward to unpacking the implications of this deal for the United States.

CityFibre set to be bought by Goldman Sachs-backed consortium in £538 million deal

UK-based telecoms firm CityFibre is the subject of a £538 million takeover bid from a consortium of infrastructure funds backed by Goldman Sachs.

The bid was made by Antin Infrastructure Fund and West Street Infrastructure Funds and has already been accepted by two-thirds of CityFibre shareholders.

The company, which offers local wholesale fibre, has recommended the offer to shareholders, saying it will help the firm achieve its ambition of deploying full-fibre to 20% of the UK population and offer an alternative to BT’s Openreach.

“Under private ownership, CityFibre will be able to gain alternative and potentially easier access to the financing required for its announced FTTH (fibre-to-the-home) deployment,” said Chris Stone, chairman of CityFibre.

[more…]

Source: CityFibre set to be bought by Goldman Sachs-backed consortium in £538 million deal

(Photo of CityFibre CEO Greg Mesch.)

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Broadband Roundup

Lina Khan Advances In FTC Bid, Biden Signs Executive Order On Cybersecurity, And Commits To Combatting Extremism

Lina Khan continues toward FTC role, Biden makes cybersecurity order after Colonial Pipeline, and U.S. joins the Christchurch call.

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Lina Khan continues bid for lead on FTC

BROADBAND BREAKFAST INSIGHT: We’ve been watching the progress of CityFibre closely because of what it is demonstrating on the other side of the pond: The future of broadband is in wholesale. Separating infrastructure from services provides significant advantages in being able to raise capital. This is necessary to construct gigabit fiber networks in order to future-proof America’s currently slower-than-it-should-be broadband. We’ll look forward to unpacking the implications of this deal for the United States.

CityFibre set to be bought by Goldman Sachs-backed consortium in £538 million deal

UK-based telecoms firm CityFibre is the subject of a £538 million takeover bid from a consortium of infrastructure funds backed by Goldman Sachs.

The bid was made by Antin Infrastructure Fund and West Street Infrastructure Funds and has already been accepted by two-thirds of CityFibre shareholders.

The company, which offers local wholesale fibre, has recommended the offer to shareholders, saying it will help the firm achieve its ambition of deploying full-fibre to 20% of the UK population and offer an alternative to BT’s Openreach.

“Under private ownership, CityFibre will be able to gain alternative and potentially easier access to the financing required for its announced FTTH (fibre-to-the-home) deployment,” said Chris Stone, chairman of CityFibre.

[more…]

Source: CityFibre set to be bought by Goldman Sachs-backed consortium in £538 million deal

(Photo of CityFibre CEO Greg Mesch.)

Continue Reading

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