Equity firm, Warburg Pincus and investment management group, DTCP have agreed to acquire a majority stake in London’s Community Fibre.
The companies will sit alongside existing investors Amber Infrastructure and RPMI Railpen and the investment of up to £400m will go towards Community Fibre’s ambitions to fibre-enable one million London households by 2023.
Unlike most other providers, they launch and operate their own dedicated 100% full-fibre network. Running fibre optic cable all the way into homes and business premises helps deliver maximum speed, reliability, and efficiency, with zero use of legacy copper.
On completion of the transaction, which is expected within a few weeks, Olaf Swantee will join Community Fibre as executive chairman, bringing his experience as CEO of Sunrise Communications - the second largest telecoms provider in Switzerland - and CEO of EE to the role.
Graeme Oxby, CEO at Community Fibre, said: ‘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 per cent full-fibre broadband to social housing residents and to local communities and their businesses across London.’
Olaf Swantee, incoming executive chairman at community fibre, added: ‘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.’
