Written by Nick Wood for Telecoms.com
It’s not all doom and gloom for UK altnets, as Gigaclear has attracted £420 million of equity investment that enables it to significantly raise its coverage target.
Under its existing rollout plan, Gigaclear aims to reach 500,000 premises by the end of this year. In a statement on Thursday, it revealed that the fresh source of capital will give it the financial clout it needs to connect more than a million premises by 2027.
The money comes from infrastructure-focused fund manager Equitix. Gigaclear didn’t divulge how much of the company Euiqtix has acquired through its investment, but unnamed sources told Bloomberg – which reported on rumours of the investment earlier on Thursday – that Gigaclear’s parent Infracapital will remain its majority shareholder.
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