The Acquisition was priced at 81 pence in cash for each CityFibre share, representing a 92.9 per cent premium to the Closing Price of 42 pence per CityFibre share on 23 April 2018, valuing the entire issued and to be issued ordinary share capital of CityFibre at approximately £537.8 million.
Trading on AIM in CityFibre shares was suspended with effect from 7.30am on 21 June 2018. It is expected that cancellation of CityFibre’s shares admission to trading on AIM shall take effect at 8.00am on 22 June 2018.
As a private company, the board of CityFibre believe the Acquisition will create the required environment for CityFibre to deliver meaningful growth and attain a strong market position with the appropriate funding and support. Antin Infrastructure Partners and West Street Infrastructure Partners are supportive of CityFibre’s development, and intend to work with management to
accelerate the Company’s national FTTP development, delivering on management’s vision to provide full fibre infrastructure across no less than 20% of the UK.
CityFibre is now positioned as a primary deliverer of the Government’s national full fibre ambition; transforming the digital infrastructure in towns and cities nationwide and unlocking billions in long term economic reward for the UK’s digital economy.
Greg Mesch, Chief Executive of CityFibre, commented:
“Having shaken up the UK telecoms market over the last five years and sparked the race to deliver a full fibre future for Britain, this transaction will enable CityFibre to accelerate our deployment of transformational digital infrastructure still further. These are exciting times, and as the only builder of scale, CityFibre is ideally positioned to make the most of this opportunity to modernise the UK’s digital infrastructure.”
“I would like to take this opportunity to thank the shareholders who have supported us since our initial listing on AIM. We have raised over £320m on AIM and believe that without the support of the capital markets, our progress both operationally and strategically would not have been so rapid.”
Commenting on the Acquisition, Philippe Camu, Global Head of West Street Infrastructure Partners and Mark Crosbie, Managing Partner of Antin Infrastructure Partners, said:
“We are delighted to be supporting CityFibre through its next cycle of growth and believe the business is ideally placed to continue to transform the UK telecommunications market. With the need for next generation infrastructure growing at pace, the provision of high quality fibre networks is vital to the ongoing economic development of the UK, and CityFibre sits firmly at the centre of that structural shift.”