Gigaclear to accelerate new FTTP network build with major new funding commitment from Prudential and Woodford

11th May 2015

Filed Under: Announcements

Gigaclear has secured £30m in new equity to accelerate the build of new Fibre-To-The-Premises (FTTP) networks in rural areas delivering world-class ultrafast broadband at up to 1000 Mbps to ...

Prudential has today committed to invest up to £20m in Gigaclear, to fund the roll out of its ultrafast
fibre-to-the-premises networks to rural communities in the UK. The investment is managed by
Infracapital, the infrastructure investment arm of Prudential, and builds on the Group’s on-going
commitment to invest in infrastructure projects that benefit the national economy.

At the same time, Gigaclear’s existing shareholder Woodford Investment Management (Woodford) is
committing a further £10m of investment from funds under their management.

Gigaclear brings high quality, fast and reliable broadband connectivity to the UK’s rural population,
offering customers speeds up to 1Gbps via fibre optic cable all the way to each property in areas
typically underserved by the existing large broadband providers. The company has already built and
operates 23 rural fibre networks, and has a strong pipeline with a further 31 in construction. It targets a
market of 1.5 million rural households and businesses across thousands of rural communities seeking
ultrafast and reliable broadband.

Ed Clarke, Co-Founder and Director of Infracapital, said:
“We are delighted to play a role in getting the UK connected. This is a unique opportunity to invest at an
early stage in the development of high speed communications infrastructure for the UK’s underserved
rural population. Gigaclear has enormous growth potential and we look forward to supporting
Gigaclear’s management team in the build out of fast, high quality broadband connectivity.”

Matthew Hare, Chief Executive, Gigaclear, said:
“Securing this new investment from Prudential and Woodford is a major breakthrough for Gigaclear.
The divide between cut-off rural communities and connected towns and cities has never been greater,
and we see Prudential and Woodford’s investments as a strong endorsement of our business plan to
become the largest rural fibre-to-the-premises provider in the UK, bridging that divide by building
ultrafast, pure fibre networks. These investments give us the resources needed to accelerate our roll
out over the next 24 months to many more communities. ”

Gigaclear was advised in this transaction by Cameron Barney LLP.