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British telecoms company CityFibre has agreed to be acquired for £538m in cash by a consortium of infrastructure funds backed by Goldman Sachs, according to reports.
The consortium — formed by Antin and West Street Infrastructure Partners — will pay 81 pence for each CityFibre share, a 93 per cent premium to the closing price of 42 pence a share, CityFibre said.
Chris Stone, Chairman of CityFibre, added: “CityFibre has established itself as a leading independent provider of wholesale fibre infrastructure in the UK and has been on a transformational journey since its IPO in 2014. Your board believes that this transaction represents compelling value for CityFibre’s existing shareholders and is also a good solution for CityFibre’s long-term funding.
Under private ownership, CityFibre will be able to gain alternative and potentially easier access to the financing required for its announced FTTH deployment. This will strengthen the Company’s ability to deliver on its vision to provide full fibre infrastructure to 20% of the UK market.”