London broadband firm G Network eyes bumper funding boost
London full-fibre broadband firm G Network is said to be seeking a huge funding boost as network providers race to roll out superfast internet connections across the UK.
G Network, which targets affluent central London postcodes including Mayfair, Marylebone and Chelsea, has reportedly hired bankers from Rothschild to locate new funds over the coming months.
The company is expected to seek roughly £200m from the sale of new shares, with hundreds of millions of pounds raised from private debt markets, sources told Sky News.
It comes amid a government-backed push by broadband companies to launch full-fibre broadband networks and challenge the dominance of BT’s Openreach.
Goldman Sachs-backed Cityfibre last week unveiled plans to splash out £1.5bn on expanding its network to 36 new towns and cities. The spending spree comes after the company bought Talktalk’s Fibrenation broadband division for £200m.
Chancellor Rishi Sunak is this week expected to confirm plans for direct billions of pounds towards the network rollout as part of his Budget.
G Network, which is partly owned by Luxembourg-based Cube Infrastructure Managers, raised an initial £60m in a funding round in 2018.
The firm said it would aim to reach 12,000 premises, with a focus on small businesses in Westminster and the City.
A spokesperson for G Network declined to comment to Sky News.
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