Press releases | Corporate and M&A | 15 Dec 2015

£80 million placing and re-admission to trading on AIM for CityFibre

Overview

Travers Smith partner Adrian West, senior counsel Mohammed Senouci and associate Ben Hanglin have advised finnCap Limited as nominated adviser, joint bookrunner and underwriter and Liberum Capital Limited as joint bookrunner and underwriter to CityFibre Infrastructure Holdings plc on CityFibre's £80 million placing and re-admission to trading on AIM in connection with its £90m acquisition of dark fibre assets from KCOM Group plc.

The placing formed part of a £180 million fundraising of debt and equity by CityFibre, which will facilitate the acquisition of the national fibre and duct network assets of KCOM and the commercialisation of CityFibre's enlarged national network.

Both the financing and acquisition transactions are scheduled to complete in mid-January 2016. On completion, CityFibre’s expanded footprint will span 36 cities, interconnected by a national long distance network, and address more than 7,000 mobile cell sites, 24,500 public sector sites and 245,000 businesses. CityFibre will be the UK’s largest wholesale infrastructure provider after BT.

CityFibre was advised by Olswang LLP (Paul Blackmore). KCOM was advised by Addleshaw Goddard LLP.