LONDON: Persimmon Plc today announces the sale of FibreNest, its full fibre broadband service, to BUUK Infrastructure, subject to regulatory clearance.
FibreNest will join OFNL as part of the BUUK group which provides full-fibre and multi-utility services to new build housing developments.
The discounted total enterprise value for the sale is c. £100m, with £70m received upon completion and further payments contingent on business performance over the coming years.
The Board intends to use the proceeds from the sale of this non-core asset to invest further in its growth strategy as set out in March 2025. The sale will also remove the need for the ongoing investment that FibreNest would have required in the coming years, providing additional capital for Persimmon to allocate to deliver its medium-term growth ambitions.
Under BUUK’s ownership, FibreNest will offer improved choice for customers, with access to up to 18 internet service providers. BUUK has a strong customer service track record in managing fibre and multi-utility networks.
The sale is expected to complete, subject to regulatory clearance, within 3 months.
Dean Finch, Group Chief Executive, commented: “The sale will provide greater choice to FibreNest customers and allows Persimmon to invest further in our growth strategy. By partnering with BUUK we have been careful to select a well-respected operator that is committed to excellent service.”