CityFibre has secured a £2.3 billion funding package to accelerate its nationwide fibre rollout and execute a strategic wave of acquisitions, reinforcing its role as the UK’s leading independent full fibre platform. The financing includes £500 million in new equity from existing shareholders — Goldman Sachs Alternatives, Antin Infrastructure Partners, Mubadala Investment Company, and Interogo Holding — and an additional £960 million in committed debt facilities from a consortium of major banks.
To further fuel its M&A ambitions, CityFibre has lined up an £800 million accordion facility. The capital will support the company’s role as a consolidator in the UK alternative network (“altnet”) sector and enable expansion of its 10Gbps XGS-PON fibre platform. Over the last year, CityFibre has achieved full-year profitability, integrated Lit Fibre, agreed to acquire Connexin’s fibre infrastructure, and extended its network to 4.5 million premises — more than halfway toward its 8 million target.
The UK government welcomed the news as a catalyst for national economic growth. Chancellor Rachel Reeves highlighted the investment’s alignment with the National Wealth Fund and its role in strengthening the UK’s future-ready digital economy. Secretary of State for Technology Peter Kyle echoed the sentiment, noting the long-term benefits of gigabit infrastructure to homes, businesses, and local communities.
- £2.3bn raised through new equity (£500m), expanded debt (£960m), and an £800m accordion facility
- Key investors: Goldman Sachs Alternatives, Antin, Mubadala, Interogo
- Debt facility backed by ABN AMRO, BBVA, Crédit Agricole, ING, Lloyds, NatWest, and others
- Supports rollout of 10Gbps XGS-PON fibre network and future acquisitions
- Current footprint: 4.5 million premises, aiming for 8 million
- Recent milestones include integration of Lit Fibre and acquisition of Connexin assets
- First full year of profitability reported in the last 12 months
“This round of financing will supercharge CityFibre’s next phase of growth, as we consolidate the altnet sector, accelerate the pace of customer connections and unleash the full power of our market-leading 10Gb XGS-PON network,” said Greg Mesch, CEO of CityFibre.
