Gigaclear, a rural full-fibre broadband alternative network provider in the UK, has secured equity investment of up to £420m (€489m) from Equitix to support its long-term plan to provide service to more than a million premises by 2027.
Gigaclear, which is principally owned by M&G’s infrastructure equity investment arm Infracapital, builds and operates the largest rural fibre-to-the-home network in Britain delivering ultrafast and reliable full-fibre broadband to rural communities.
The new funding will help the company extend its network, which already serves more than 450,000 homes across 23 counties.
Gareth Williams, CEO at Gigaclear, said: “Equitix recognises, as we do, that focusing on connecting poorly-served rural communities clearly differentiates us from other providers of fibre to the home.
“There are more than one million additional homes and businesses in the UK, for us to build to, that fall within our company’s mission. Gigaclear will push forward, ensuring many more communities in rural England are able to benefit from the ultrafast full-fibre broadband speeds enjoyed by their urban counterparts.
”Alongside our commercial expansion, we will continue to explore opportunities to work with the Government on its Building Digital programme, evaluating each opportunity on a case-by-case basis.”
Hugh Crossley, CEO at Equitix, said: ”We are proud to partner with Infracapital and the Gigaclear team in delivering reliable, affordable, full-fibre broadband to rural areas of the UK. In line with our strategic aims to support the UK’s infrastructure and essential services whilst positively impacting local communities, our investment here is a positive step towards generating connectivity for all.”
Andy Matthews, head of greenfield at Infracapital, said: “We believe that fast and reliable digital infrastructure, particularly in rural communities, is vital for economic growth. It is a key enabler for people living in often hard-to-reach areas to get access to all the opportunities and social benefits available, as well as creating jobs.
”We are delighted with the success that Gigaclear has achieved to date, since our initial investment in 2015, and we look forward to continuing to work with them as they expand across the UK.”
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