Aviva Investors is committing £45m (€53.1m) to ITS Technology Group to support the roll out of its full-fibre broadband networks across the UK.
The funding will be used to expand existing ‘open access’ networks and create new ones across the country.
Aviva Investors said fibre broadband was an area of focus for its infrastructure equity team because it could offer long-term, utility-like income streams with relatively low economic risk.
“Aviva Investors is pleased to support the roll out of ITS’s full fibre broadband network,” said senior director of infrastructure equity Sean McLachlan.
“There is a clear and growing demand for this essential infrastructure across the country.
“The funding from Aviva Investors will allow ITS and its management team to build on its existing infrastructure and brand to accelerate its network expansion and to provide world-class infrastructure across the country.”
Daren Baythorpe, CEO of ITS, said the funding provides “considerable financial backing to further flex our reuse muscles and continue to take advantage of the opportunities ahead”.
He said: “This approach allows us to connect more customers to full fibre far quicker than the industry norm.
“With BT’s public switched telephone and copper network switch off plans now in progress, the race to build alternative futureproof full fibre IP-based networks is on to ensure coverage and choice for end-users – ITS is proud to be playing our role in achieving the UK’s ambitious plans.”
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