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U.K. fibre network operator completes 90 million acquisition it announced last year.
CityFibre on Monday announced that it has completed the acquisition of Kcom’s national network assets in the U.K.
The alternative fibre operator agreed to pay £90 million (€118 million) for Kcom’s infrastructure, excluding its assets in Hull and East Yorkshire, in December last year.
"By combining the unique and highly attractive Kcom network assets with our own, we are well-positioned to tap into future growth in the rapidly evolving U.K. fibre market," said CityFibre CEO Greg Mesch, in a statement.
"The £180 million funding package we have closed equips us to push hard on commercialising the acquired assets, which we’ve already begun to do with our first new service provider relationship on the acquired Bristol network," Mesch added, referring to the funding the telco secured last year to enable it to pay for the Kcom deal and its network expansion plans.
CityFibre announced plans to launch in Bristol using Kcom’s assets last week.
Mensch reiterated CityFibre’s medium-term aim of establishing a dense network presence in 50 towns and cities with an addressable footprint of 35,000 public sector sites, 10,000 cell sites, 350,000 businesses and 5 million homes.
"This is an audacious acquisition which elevates us to a much more significant place in the U.K. network infrastructure arena, and we look forward to continuing to prove out our strategy across a vastly expanded footprint," he said.
