UK fiber broadband network operator Netomnia and sister company YouFibre, which offers broadband services, say they have raised £295 million in new funding led by DigitalBridge Investment Management, the investment management platform of DigitalBridge Group, Inc. (NYSE: DBRG). Existing shareholders Soho Square Capital LLP and Advencap Ltd. anted up alongside DigitalBridge as well. The transaction is expected to close in the second quarter of this year, subject to regulatory approvals and customary closing conditions.
Altnet Netomnia has rolled out fiber to the premises (FTTP) infrastructure past 130,000 residences and businesses since 2020. The company plans to deploy multi-gigabit FTTP across the UK. YouFibre will use the infrastructure to deliver services up to 10 Gbps. Both companies were founded in 2019. They closed an earlier funding round last November (see "Altnet Netomnia, service provider YouFibre score funding for UK full fiber deployment").
"We are thrilled to partner with DigitalBridge and benefit from their support and industry expertise as we work towards our target of 1 million premises passed in the next two years,” said Founder and CEO Jeremy Chelot. “We are scaling rapidly and aim to play an active role in unleashing the UK's digital potential by delivering the benefits that come with multi-gigabit fiber broadband."
"We have known Jeremy for several years and are excited to partner with him in scaling the group into a premier fiber-to-the-premises (FTTP) provider in the UK. We have been highly impressed with the growth of the business and the best-in-class team he has assembled," added Manjari Govada, principal at DigitalBridge.
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