Persimmon announces sale of FibreNest for around GBP100 million

(Alliance News) - Persimmon PLC on Wednesday said it will sell its full fibre broadband service FibreNest to BUUK Infrastructure.

The York, England-based housebuilder said the discounted total enterprise value for the sale is around GBP100 million. Persimmon expects the sale to complete within three months.

Persimmon will receive GBP70m upon completion of the sale, and further payments contingent on business performance over the coming years.

"FibreNest will join OFNL as part of the BUUK group which provides full-fibre and multi-utility services to new build housing developments," Persimmon said.

Persimmon Chief Executive Officer Dean Finch said: "The sale will provide greater choice to FibreNest customers and allows Persimmon to invest further in our growth strategy. By partnering with BUUK we have been careful to select a well-respected operator that is committed to excellent service."

Persimmon shares fell 1.6% to 1,344.00 pence each on Wednesday morning in London.

By Tom Budszus, Alliance News slot editor

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