CityFibre has announced it has secured £180 million in financing in a move that will help it to expand and commercialise its UK Fibre-to-the-Premises (FTTP) based broadband/Ethernet network.
The announcement comes amid a £90 million acquisition of KCOM, which reports suggest has boosted competition and left KCOM better able to focus on its core footprint in the Hull and East Yorkshire area.
CityFibre CEO Greg Mesch said: "This is the most significant event to take place in the UK’s digital infrastructure market in a decade. The UK now has a secure independent infrastructure alternative. Cities, service providers, mobile operators and investors have boldly embraced a new model of future-proof infrastructure provision and paved the way for its acceleration across the country."
He added that with its enlarged footprint and strong coverage in cities across the UK, CityFibre is set to grow further, allowing it to offer "existing and new partners an ever increasing opportunity to capitalise on a pure fibre future".
Reports suggest that once completed, this deal will see the CityFibre network cover some 245,000 businesses, while there is also the potential for FTTH to reach out to around 3.5 million homes.