UK's Hyperoptic to expand 1Gbps FTTP network
19 July 2016 | Jason McGee-Abe
The European Investment Bank (EIB) has agreed to provide a £21 million loan to Hyperoptic to invest in providing 1Gbps fibre broadband to more than a half-a-million homes in UK cities.
The new eight-year EIB loan will be used to support Hyperoptic’s planned expansion of 1 Gbps Internet access to urban areas that only have slow access at present. Hyperoptic currently operates in 13 UK cities, but has already announced expansion to 20. The EIB-backed network expansion seeks to reach more than 300,000 homes in the next 3 years.
Further investment from Quantum Strategic Partners, a private investment fund managed by Soros Fund Management LLC, brings the total investment into Hyperoptic to more than £75 million. EIB’s investment along with continued support from Quantum further validates Hyperoptic’s business model, execution ability, and ability to remain one of the largest 1Gbps fibre-to-the-premises (FTTP) broadband providers in the UK.
“Hyperoptic is excited by the European Investment Bank’s investment, which will further fuel our roll out and addressable market expansion. The confidence of both EIB and Soros Fund Management LLC supports the importance of FTTP in providing a boost to the UK’s digital infrastructure and economy,” said Dana Tobak, CEO of Hyperoptic.
The eight-year loan represents the European Investment Bank’s largest ever dedicated backing for an internet network investment in the UK. Since 1975 the European Investment Bank has provided more than £5 billion for telecom broadband and telecommunications across the UK and has supported investment by Vodafone, EE, British Telecom, Gigaclear, Arqiva and Inmarsat. Over the last five years the European Investment Bank has provided nearly £13 billion to improve broadband and telecommunications across Europe.
“The European Investment Bank is pleased to support Hyperoptic’s rollout of super-fast broadband in cities across the UK. This exciting new initiative will transform economic activity, healthcare, education and access to key services and represents the EIB’s first targeted support to address slow urban communications in UK,” said Jonathan Taylor, European Investment Bank vice president.
52m | Jason McGee-Abe
2h | Alan Burkitt-Gray
3h | Natalie Bannerman
3h | Alan Burkitt-Gray