BT Group PLC (LSE:BT.A) altnet competitor Hyperoptic has secured a £150 million commitment from the UK Infrastructure Bank (UKIB) to finance its rollout of gigabit-capable broadband across the UK.
This investment is part of Hyperoptic’s latest debt raise, bringing the total facility amount to over £1.1 billion worth of commitments.
£150 million is just a drop in the bucket of the capital expenditure requirements for full-fibre rollout.
BT, in comparison, has pledged £12 billion alongside the UK govermment’s £5 billion pledge to assist BT in its rollout.
Almost half of KKR-owned Hyperoptic’s expansion targets areas without existing full-fibre infrastructure, according to a Tuesday press release.
Dana Tobak, chief executive and co-founder of Hyperoptic, stated: “We welcome the support of the UK Infrastructure Bank, together with other investors, enabling us to continue delivering award-winning gigabit-capable broadband to more people across the UK every day.”
Hyperoptic, an alternative network provider (altnet) and a competitor to BT, has been majority-owned by KKR since 2019.