Investment firm Infracapital has made a £270 million bid to acquire rural broadband provider, Gigaclear, according to reports in the press…
Investment firm Infracapital has made a £270 million bid to acquire rural broadband provider, Gigaclear, according to reports in the press.
Gigaclear is at the heart of the UK's drive towards full fibre broadband and last month announced that it had connected 15,000 customers to its full fibre networks.
Under the terms of the proposed deal, Gigaclear's shareholders wold receive around £4 per share – a 23 per cent premium compared to its most recent valuation.
Gigaclear's extensive full fibre networks currently cover more than 60,000 properties in England's southeast, southwest and midlands regions.
Infracapital is an existing shareholder in Gigaclear and has been increasing its stake in the fibre provider steadily over the past two years.
In 2017 it acquired an additional £60 million of shares. It currently holds around 43 per cent of Gigaclear's stock.
Gigaclear's board of directors is expected to meet later this week to discuss the latest proposal from Infracapital.