Billionaire investor George Soros is holding discussions about selling his stake in British ultrafast broadband venture Hyperoptic in a deal that is expected to value the company at more than £500m. The full fibre internet service provider, which has been backed by Soros’s Quantum Strategic Partners investment vehicle since 2013, has hired bankers at LionTree to oversee a partial or full sale of the business, City sources said. Hyperoptic’s search for a new backer comes as the company looks to scale its operations just months after it appointed new finance chief Peter White. The business has pledged to invest £500m in its network over the next three years. It follows a cash injection in the company from Abu Dhabi’s investment arm, Mubadala Investment Company last year, in addition to £250m in debt funding from a consortium of eight banks including BNP Paribas, ING, RBS, Société Générale and Barclays. Founded in 2011 by university friends Dana Tobak and Boris Ivanovic, Hyperoptic has since expanded into more than 50 towns and cities nationwide. The two entrepreneurs sold their previous internet service company, Be Broadband, to O2 for £50m in 2006.
George Soros has reportedly hired LionTree to sell all or part of his stake in Hyperoptic in a deal that is expected to put the firm at more than £ 500 m . The ultrafast broadband provider , which received a cash injection from Abu Dhabi based Mubadala Investment Company last year and a further £ 500 m debt funding from a consortium of European banks including Barclays , BNP Bank , ING , RBS and Société Générale , is looking to scale it operations and has pledged to invest £ 500 m to expand its network over the next three years .