Tue, 18 Jun 2024 | MERGER
Fill fibre provider Brsk has merged with ultrafast broadband network operator Netomnia in a deal that they say creates the “second largest” altnet in the UK. The combined companies will have a network footprint of around 1.5 million and the merged group will target reaching 3 million premises by the end of 2025.
The merger is said to create the only scaled, capital-efficient retail, wholesale and consolidation platform currently on the market and was hailed by the companies as a “transformative step” for the UK’s telecoms industry.
Netomnia Chief Executive Jeremy Chelot commented: "By merging our network expertise and resources, we are creating a powerhouse to deliver an unparalleled internet experience for our customers, driving innovation and further consolidation among altnets.”
Brsk CEO Giorgio Iovino said that the merger was a testament to the two companies’ “entrepreneurial spirit and experienced teams” and that the merged group is “set to deliver a fibre network that is not only fast and reliable but also future-proof, ensuring our customers benefit today and tomorrow.”
Netomnia and Brsk have used £300 million of debt to build 1.5 million premises Ready for Service (RFS) and have, so far, connected 140,000 customers. A further £900 million of debt is planned to grow their footprint to 3 million premises.
The two firms have raised more than £1.3 billion in capital since 2020, with support from Advencap (a shareholder in both companies), Soho Bridge and DigitalBridge. Advencap and DigitalBridge will commit additional equity funding as part of this raise.
Netomnia recently secured an additional £147 million in debt from new lenders Rand Merchant Bank (RMB) and JP Morgan. The new lenders join existing lenders Barclays, HSBC UK, ING, Alpha Bank, Ares, NIBC, Standard Chartered, Nord/LB, RBC and UKIB.
Jeremy Chelot said: “The additional capital from our investors and support from our lenders is a powerful endorsement of our vision and ability to execute at the highest level."
The merger is set to be finalised over the coming weeks, pending regulatory approval. The merged entity will be led by Jeremy Chelot as CEO and Wil Wadsworth as CFO, with Giorgio Iovino and Ian Kock remaining as CEO and COO, respectively, of Brsk.
With business activity rising among UK services sectors, the industry could be key to driving an increase in UK M&A
UK registered entity trading since 2010 providing international bank to bank payments. Regulated by FCA and HMRC. All intellectual property relating to customer website and back office/administration platform.
Project Hera offers a wide range of IT services to ensure that businesses can operate efficiently with the highest standards of security. The company’s comprehensive offering includes IT support, cyber security, hardware sales, consulting, cloud-base...
The business is a highly regarded provider of IT solutions for SMEs, particularly organisations without dedicated IT departments. The business offers a range of managed services, including IT support, internet and telephone connectivity, software lic...
14
|
Mar
|
Treforys Tiny Tots Day Nursery undergoes MBO | MBO/MBI
Swansea-based Treforys Tiny Tots Day Nursery has undergone a...
13
|
Mar
|
Pest Control Supermarket selects Employee Ownership | BUSINESS SALE
Sheffield-based Pest Control Supermarket.com has transitione...
13
|
Mar
|
Care home firm Strong Life aiming to double in size following deal | DIVISION SALE
Yorkshire-based care home company Strong Life Care has bough...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.