CityFibre, an entity specializing in the provision of fibre-to-the-premises (FTTP), has successfully completed its acquisition of Lit Fibre, an altnet with an existing FTTP footprint of over 220,000 premises spread across more than 20 towns in the UK, including Wiltshire, Gloucestershire, Hertfordshire, Worcestershire, Essex, and Suffolk. With an established subscriber base of 10,000 retail customers and aspirations to expand coverage to 300,000 premises by 2025, Lit Fibre stands as a strategic addition to CityFibre’s operations. Newlight Partners, the selling company and former owner of Lit Fibre, will retain a stake as a minority shareholder as stipulated in the transaction agreement. CityFibre’s CEO, Greg Mesch, highlighted the acquisition as a stepping stone towards honing CityFibre’s integration capabilities, emphasizing that acquisitions are set to become a key component in achieving their 8 million premise coverage plan. He anticipates numerous similar expansions in the coming years, aligning with CityFibre’s goal to position itself as the UK’s third major digital infrastructure platform. The terms of the transaction, including financial details, have not been disclosed. Lit Fibre’s 10Gbps XGS-PON network infrastructure will be integrated into CityFibre’s network to provide its ISP partners with access to a wider range of products, pricing, and service offerings. Customers of Lit Fibre have been assured of the continuity of broadband service quality during the integration phase. This marks a pivotal moment for CityFibre in its quest to expand its national presence in the digital infrastructure sector.

Telecommunications, Private Equity,United Kingdom

https://mergersacquisitions.einnews.com/article/711390651/l6SpFyTbtV4xJGJ0?ref=rss&ecode=Q1vNcweEggLWKz7L