Global Connectivity PLC - formerly known as Rural Broadband Solutions PLC, is an Isle of Man-based broadband provider to rural areas in the UK - Announces development in its investment in Rural Broadband Solutions Holdings Ltd. This is further to a previous announcement, in October 2022, when GCON announced an investment from Tiger Infrastructure Partners Fund III LP and a change of name to Global Connectivity PLC. Tiger agreed then to invest up to GBP75 million into Rural Broadband Solutions Holdings Ltd, a newly formed company, and assume control of its two operating subsidiaries, SWS Broadband and Cadence Networks.
On Monday, says Macquarie Capital, the Israel Infrastructure Fund and Tiger Infrastructure Partners have merged SWS Broadband and Cadence Networks with Voneus Broadband, and simultaneously acquired Broadway Partners. SWS Broadband, Cadence Networks and Broadway Partners all begin operating as part of Voneus as of today. The combined group will be funded with up to GBP250 million in new capital from the three shareholders. It is intended that RBSHL will disproportionately fund the combined group going forward, which will increase its stake in Voneus Broadband from the current 32%. "We believe these developments put Voneus in a game-changing position to meet the connectivity needs of underserved communities without broadband connectivity," company says.
Current stock price: 0.925 pence
By Jeremy Cutler, Alliance News reporter
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