CityFibre said on Monday that Abu Dhabi-based Mubadala Investment Company has agreed to inject a further £300m into the UK broadband provider.
It said the equity investment will support its accelerated growth plans and enable participation in Building Digital UK’s (BDUK) ‘Project Gigabit’ rural programme.
The new equity commitment builds on Mubadala’s initial £500m investment as part of a wider financing last September. The financing saw Mubadala and Interogo Holding join existing investors Antin Infrastructure Partners and the Infrastructure business within Goldman Sachs Asset Management.
Combined, these investments now bring the total raised by CityFibre in the last six months to £1.425bn – the largest ever financing for UK Full Fibre deployment.
CityFibre is currently engaged in a £4bn investment programme to roll out dense full fibre infrastructure to up to 8m homes by 2025.
Chief executive Greg Mesch said: “Mubadala’s confidence in our business is testament to our growing momentum and progress. The need and appetite for carrier-neutral wholesale network competition at scale is clear, and CityFibre continues to demonstrate the benefits as a driver of wider investment, improved services and better value.
“With Mubadala’s continued support, we are well funded to deliver the UK’s finest Full Fibre network and help to level-up the UK.”
