Fiber broadband operator G.Network is planning to invest more than £1 billion ($1.3 billion) in a London-based broadband rollout, following a successful fundraise from Universities Superannuation Scheme (USS) and Cube Infrastructure Managers.
The fundraise includes a new debt facility of up to £745 million (€817 million/$994 million) secured from four banks.
With the transaction, USS has agreed to become a joint controlling shareholder and invest £295 million (€324 million/$393 million) of new equity in G.Network. Cube Infrastructure Managers has invested in G.Network over the past two years, extending its network to cover more than 150,000 homes in central London and will remain as co-controlling shareholder alongside USS jointly to develop G.Network further.
G.Network is currently working with eight local authorities and will bring its rollout to a further five, aiming to connect at least 80 percent of homes in each area. In the next five years, the com
