Cameron Barney advises on the combination of Freedom Fibre and VX Fiber
Cameron Barney LLP is pleased to announce that it acted as financial adviser to Freedom Fibre Limited on the combination with VX UK Holdings Limited
December 2023
The transaction combines adjacent fibre to the premises (“FTTP”) networks focused principally on the North West of England and the Midlands. The combined business will have more than 285,000 premises passed and combine the operations of Freedom Fibre and VX Fiber into a single group through the acquisition of the UK assets and operations of VX Fiber by Freedom Fibre.
Both Freedom Fibre and VX Fiber have a strong regional presence in their respective markets.
Freedom Fibre launched in 2020 and offers wholesale-only services on its network and benefits from a long-term wholesale agreement with TalkTalk, a leading UK broadband provider. TalkTalk has been a minority shareholder since 2021 and will remain a shareholder in the combined business. Equitix, a leading global investor, developer, and long-term fund manager of core infrastructure assets, made an initial £84m funding commitment into Freedom Fibre in May 2022.
VX Fiber has a strong presence in Stoke on Trent and the surrounding areas through its unique contract with Stoke City Council, which provides connectivity for local authority premises, underpinning essential local services. VX Fiber markets its broadband service to local consumers through its LilaConnect brand, alongside a wholesale offering for local ISPs. InfraBridge is the sole investor in VX Fiber.
“This is a strategic merger that leverages the strengths of both Freedom Fibre and VX UK to create a larger, stronger, and more diverse business backed by two significant investors with ambitions for growth. We and our shareholders enjoyed working with the Cameron Barney team on this pivotal transaction and appreciated the value they added in analysis, negotiation, project management, and outstanding sector knowledge.”
About Equitix
Equitix is a responsible investor, developer, and fund manager with assets under management of over £10bn. Equitix investments span all sectors of critical infrastructure, enabling communities to undertake everyday activities, and functions and deliver essential goods and services that allow people to provide for their social and economic well-being. Its investment operational capabilities span construction, installation, and maintenance, providing safe and sustainable operations for all its service users. Equitix has invested over £2bn in its Network Utilities sector covering Fibre, Electricity distribution, Gas distribution, Heat and Water networks distributing power, heat, data, and much more through its pipes and cables. Equitix is headquartered in London, United Kingdom. Bringing infrastructure to life. For more information visit equitix.com
“Having advised Equitix on their initial investment into Freedom Fibre in May 2022, we were delighted to have been able to support Freedom Fibre on this highly strategic transaction which combines scale and highly capable resources with like-minded investors.”
About InfraBridge
InfraBridge is a leading infrastructure investment manager dedicated to investing in mid-market businesses in transportation and logistics, digital infrastructure, and energy transition, among other key sectors. The firm’s investment strategy applies private equity rigor with an active approach to asset management in order to maximize value and drive returns on behalf of investors. InfraBridge is a division of DigitalBridge Group, Inc. (NYSE: DBRG), a leading global digital infrastructure firm managing a $75 billion portfolio of digital infrastructure assets on behalf of its investors. InfraBridge is headquartered in London, United Kingdom. For more information visit infrabridge.com
About Cameron Barney
Cameron Barney is an independent merchant bank providing financing and M&A advice to fast-growing companies in the ‘infra-tech’ sector. Cameron Barney is authorised and regulated by the Financial Conduct Authority.
For further information please contact:
Cameron Barney LLP
Brian Robertson +44 7710 094 125
David Scribner +44 7392 802 624
Sam Keanly +44 7881 819 452
