UK internet service provider (ISP) Gigaclear has received an all-cash £270m ($375m) offer from M&G’s Infracapital. Gigaclear’s 1Gbps-capable Fibre-to-the-Premises network currently spans 20 UK counties serving 60,000 homes and businesses and is targeting 150,000 rural premises by end 2020. Infracapital added that it does not intend to seek to terminate the continued employment (or make any material change in the terms of employment or in the balance of the skills and functions) of the employees and management of Gigaclear or its subsidiaries. The deal will see the company pay a total of £275m to acquire all or part of Infracapital for £2.2bn in cash. The offer is intended to improve liquidity and ensure Gigaclear’s future growth plans rather than a share buyback, according to Infracapital.
UK internet service provider (ISP) Gigaclear has received an all-cash £270m ($375m) offer from M&G’s Infracapital. Gigaclear’s 1Gbps-capable Fibre-to-the-Premises network currently spans 20 UK counties serving 60,000 homes and businesses and is targeting 150,000 rural premises by end 2020. The deal will see the company pay a total of £275m to acquire all or part of Infracapital for £2.2bn in cash. The offer is intended to improve liquidity and ensure Gigaclear’s future growth plans rather than a share buyback, according to Infracapital.