A fibre broadband network which has connected hundreds of thousands of Central London premises is exploring a sale after approaches from potential buyers.
Sky News has learnt that G Network, whose investors include Britain’s university lecturers’ pension scheme, is working with bankers to field takeover interest.
City sources said on Thursday that G Network, which has raised hundreds of millions of pounds in debt and equity, had engaged Nomura and Jefferies as advisers.
Money latest:
Policy tweak could save you £295 on car insurance
CityFibre Holdings and Community Fibre are among the parties which are said to have expressed interest in buying the company.
Analysts expect a frenzy of consolidation in the so-called altnet space as companies grapple with higher debt interest costs, with many of them having borrowed substantial sums to fund their rollouts.
G Network has passed 416,000 broadband connections in the capital, and would be a key player for any consolidator hoping to gain scale in London.
Water bills to rise by average 21% over next five years, regulator rules
Economy records better than expected 0.4% growth in May after earlier hit from wet weather
Tens of thousands of passengers could benefit after Supreme Court rules against British Airways on flight delays
A person close to the company said it was trading ahead of budget and on track to hit growth targets.
Last month, G Network announced that it had secured an additional £85m in funding from the Universities Superannuation Scheme (USS).
Several smaller altnets have gone to the wall or been rescued by larger players in the market.
G Network declined to comment.
