M&Gβs infrastructure equity investment arm Infracapital has added a fibre network company in Wales to its existing UK fibre portfolio.
Infracapital said it is investing an undisclosed sum to acquire a controlling stake in Spectrum.
Infracapitalβs investment, which is being made alongside Spectrumβs management, will with its commercial fibre roll-out plan.
The latest deal adds to Infracapitalβs existing fibre portfolio in the UK which includes Gigaclear, SSE Telecoms, Wightfibre and Fibrus.
Andy Matthews, Head of Greenfield at Infracapital, said: βSpectrum is an excellent opportunity for us to deliver an essential service to society, in tandem with creating jobs in the region and delivering value to our investors.
βWe see expanding fibre connectivity as a critical component in building a more sustainable and resilient economy, particularly in the context of COVID-19, and we are excited to be playing our part in making this accessible across South Walesβ
Giles Phelps, Spectrum founder said: βI am delighted that Spectrum has secured the expert backing of Infracapital for our ambitious plan to bring full-fibre broadband to the communities of South Wales. Infracapitalβs financial support, knowledge and experience will allow Spectrum to deliver a high-quality service to thousands of families and businesses, and play a key role in Walesβs economic recovery, job market and digital transformation at this crucial time.β
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