Hyperoptic, the UK’s largest gigabit broadband provider, has signed a deal for a significant equity raise with Mubadala Investment Company (Mubadala), the investment arm of the Government of Abu Dhabi, with assets under management of $225 billion. On closing of the transaction, Mubadala will acquire a minority stake in the Company and Mounir Barakat, Executive Director ICT will be joining Hyperoptic Board of Directors as an observer. This funding follows the Company’s successful £250 million debt raise this summer.
The last two rounds of funding, combined with the large balance sheets of its shareholders, will allow Hyperoptic to accelerate the growth of its 1Gbps full fibre national broadband network. Hyperoptic is committing to deploy up to £500 million over the next three years, bringing forward its target of two million homes passed to 2021 (from 2022 previously). Another three million homes, bringing the total to five million homes, will be passed by 2024 (from 2025 previously).
Mounir Barakat, Executive Director of Mubadala ICT, said: “We have been following Hyperoptic for the last couple of years and have been impressed by the impact they have had on the UK fibre market, taking a strong leadership, catalyst and disruptor role. We are excited to be joining the Hyperoptic team, providing substantial capital and balance sheet power as support for their clear vision for the future of the UK telecom market.”