Housebuilder Persimmon PLC (LSE:PSN) has agreed to sell its broadband business, FibreNest, to utilities provider BUUK Infrastructure in a deal worth around £100 million.
The company will receive £70 million upfront, with further payments tied to FibreNest’s future performance.
FibreNest, which offers full-fibre broadband to Persimmon homes, will become part of BUUK’s OFNL network, which supplies internet and utilities to new-build developments.
Under BUUK’s ownership, FibreNest customers will have access to up to 18 internet service providers, a significant increase in choice.
Persimmon launched FibreNest to ensure buyers had high-speed internet from day one, but said ongoing investment in the network was no longer core to its strategy. Proceeds from the sale will be reinvested into housebuilding and growth plans announced in March.
The deal is expected to complete within three months, subject to regulatory approval. BUUK is already a major player in fibre and utility infrastructure across the UK.