3 Jun 2014 10:31
For immediate release | 3 June 2014 |
CityFibre Infrastructure Holdings PLC
("CityFibre" or "the Company")
Closing of Coventry MAN Acquisition
CityFibre (CFHL.L), a leading designer, builder, owner and operator of fibre optic infrastructure, is pleased to announce that further to the announcement of 11 April 2014, CityFibre has today completed the acquisition of the 140km Coventry Metro Area Network (MAN) and signed a strategic partnership with Coventry City Council.
The Coventry MAN, to be rebranded the Coventry CORE, was commissioned by Coventry City Council six years ago and currently serves nearly 300 key public sites including council offices, schools and community centres. CityFibre will continue to provide connectivity to these sites, granting the Council a long-term, free right of use.
From this summer the Coventry CORE will be extended to enable thousands of local businesses access to transformational gigabit internet speeds through a number of local Internet service provider partners. This will make Coventry a Gigabit City, joining both York and Peterborough in CityFibre's accelerating Gigabit Cities programme.
Consistent with the Company's business model, any material incremental capex associated with the Coventry CORE asset will be success-based, driven by contracted revenues.
Greg Mesch, CEO of CityFibre said:
"We are delighted to welcome Coventry into the growing stable of CityFibre Gigabit Cities. The addition of this 140km network increases our total network footprint by 48%, and Coventry now represents our single largest network asset. With an addressable business market of over 9,000 concerns, we believe Coventry holds great promise, and the Company, along with our service provider partners, look forward to delivering first class connectivity to this underserved market."
Councillor Damian Gannon, Cabinet Member, Strategic Finance and Resources at Coventry City Council, said:
"Ultrafast gigabit speed connectivity is vital for Coventry businesses to enable them to compete and succeed not just on the national, but also on the international stage. As a Gigabit City, Coventry can now set itself alongside the most digitally advanced locations around the world and we look forward to the numerous social and economic advantages that such a status will bring; driving economic investment and catalysing business start-ups."
-Ends-
For further information, please contact:
CityFibre Infrastructure Holdings plc | www.cityfibre.com |
Greg Mesch, Chief Executive Officer | Tel: 0845 293 0774 |
Terry Hart, Chief Financial Officer | |
James Enck, Head of Investor Relations | |
finnCap (Nomad and Joint Broker) | www.finncap.com |
Stuart Andrews / Christopher Raggett (Corporate Finance) | Tel: 020 7220 0500 |
Simon Johnson (Corporate Broking) | |
Liberum (Joint Broker) | www.liberum.com |
Steve Pearce / Richard Bootle | Tel: 020 3100 2000 |
Steven Tredget | |
Buchanan |
www.buchanan.uk.com |
Jeremy Garcia / Fiona Henson / Gabriella Clinkard | Tel: 020 7466 5000
|
About CityFibre
CityFibre enables gigabit connectivity through designing, building, owning, and operating fibre optic network infrastructure. It is the largest independent provider of fibre infrastructure to mid-sized cities and major towns, providing gigabit capable infrastructure for enterprise and public sector organisations, service providers, mobile network operators and businesses.
The Company owns and operates 290 kilometres of duct and fibre access and manages over 120 long-term contracts in 56 towns and cities in the UK, including York, Sheffield, Newcastle, Dundee, Bath, Derby and Doncaster.
CityFibre is based in London, United Kingdom, and its shares trade on the AIM Market of the London Stock Exchange (AIM: CFHL).