Mubadala acquires minority stake in Hyperoptic

Financial details of the transaction remain undisclosed, though Hyperoptic said in a statement that it amounted to a "significant equity raise". The company raised £250m in debt funding from a consortium of banks co-led by BNP Paribas and ING in August this year and said it plans to invest £500m in expanding its UK fibre-optic cable network within the next three years.

Hyperoptic intends to deploy 5,000 kilometres of cable across UK cities by 2021, with London, Manchester, Glasgow, Edinburgh, Liverpool and Leeds the first cities targeted for installation in 2019.

As part of the latest deal, the business has also introduced a number of new recruits to its senior management team, including two new divisional managing directors, a chief strategy and transformation officer, a chief technology and information officer, and a director of communications and policy strategy.

According to publicly available documents, Hyperoptic generated losses before interest, tax, depreciation and amortisation of £2.1m from a turnover of £16.6m in 2017. However, the company has been growing rapidly, having generated revenues of £1.6m in 2014, £4.1m in 2015 and £8.8m in 2016.

Company
Founded in 2011, London-headquartered Hyperoptic is a fibre-optic broadband company that provides internet speeds of up to 1GB per second. The company said in a statement that it currently has around 500,000 customers.

Hyperoptic had an average headcount of 411 throughout 2017, according to the documents.

People
Mubadala Investment Company – Mounir Barakat (executive director).
Hyperoptic – Boris Ivanovic (chairperson).

Advisers
Company – LionTree Advisors (corporate finance).

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• Topics
• Expansion
• UK / Ireland
• Infrastructure
• United Kingdom