British pure fibre provider CityFibre has announced a further equity commitment of GBP300 million (USD395 million) from its existing shareholder, Abu Dhabi-based Mubadala Investment Company. In a press release regarding the development, CityFibre said the cash injection will support its accelerated growth plans and enable participation in Building Digital UK’s (BDUK) ‘Project Gigabit’ rural programme. Under what CityFibre referred to as ‘the UAE–UK Sovereign Investment Partnership’, the new equity commitment builds on Mubadala’s initial GBP500 million investment, which it made in September 2021 as part of wider capital raise carried out by the British fibre operator.
Commenting, CityFibre CEO Greg Mesch said: ‘Mubadala’s confidence in our business is testament to our growing momentum and progress. The need and appetite for carrier-neutral wholesale network competition at scale is clear, and CityFibre continues to demonstrate the benefits as a driver of wider investment, improved services and better value. With Mubadala’s continued support, we are well funded to deliver the UK’s finest Full Fibre network and help to level-up the UK.’