The Abu Dhabi government and a foundation linked to furniture giant Ikea have invested £ 825million to roll out all-fiber broadband in the UK.
CityFibre said it has secured more than £ 1.1bn to invest, including £ 300m in new loans.
It’s money that will help the company reach a third of UK homes by the middle of the decade, he said on Thursday.
Investors include the Abu Dhabi sovereign wealth fund, Mubadala Investment Company and Interogo Holding, which is owned by a foundation set up to “protect the IKEA concept”.
The UK is open for business and attracts investment like this as a high-value, high-growth science superpower specializing in industries of the future
“This new capital will not only support our deployment to up to eight million homes in 285 towns and villages, but will also enable our participation in the government’s Project Gigabit program to extend our future-proof infrastructure to rural areas and ensure that no one is being left behind, ”CityFibre CEO Greg Mesch said.
“If encouraged and protected, competition in large-scale infrastructure will continue to generate huge private sector investment as well as catalyze incumbent investment. “
CityFibre’s network is used by Vodafone and TalkTalk among other Internet service providers. It is live in 46 locations across the UK.
Prime Minister Boris Johnson said: “The government is committed to making broadband available to all parts of the UK, and this exciting investment will boost the rollout of fiber optics in the UK. It will revolutionize people’s lives and generate huge economic benefits, jobs and growth.
“The UK is open for business and attracts investment like this as a high-value, high-growth science superpower specializing in industries of the future.”
This website is powered by the generosity of readers like you.
Please donate what you can afford to help us keep our communities informed.
BECOME A SUPPORT
In these difficult times, your support is more important than ever. Thank you.