Community Fibre Limited, which offers full-fibre residential and business broadband in London, announced plans to invest up to £400 million in an accelerated expansion of full-fibre broadband to one million households and businesses across London
Community Fibre also confirmed that funds advised by Warburg Pincus LLC and DTCP will acquire a majority stake in the company. Existing investors include Amber Infrastructure and RPMI Railpen. Financial terms were not disclosed.
Graeme Oxby, CEO of Community Fibre, said: “This is an exciting deal for Community Fibre. Having Warburg Pincus and DTCP on board is a tremendous endorsement for our business. In a post COVID-19 world, digital connectivity will be more crucial than ever. With further new investment, we can work faster than ever to deliver 100% full-fibre broadband to social housing residents and to local communities and their businesses across London.”
On completion of the transaction, expected within a few weeks, Olaf Swantee will join Community Fibre as Executive Chairman. Olaf was formerly CEO of Sunrise Communications, the second largest telecoms provider in Switzerland and CEO of EE.
Olaf Swantee, Incoming Executive Chairman at Community Fibre, said: “I am excited to be joining a business in a sector that I am passionate about, where there is a clear vision and purpose. Working alongside blue chip investors such as Warburg Pincus, DTCP, Amber Infrastructure, and RPMI Railpen, will also open up new and exciting growth opportunities.”
