Prudential has today committed to invest up to £20m in Gigaclear, to fund the roll out of its ultrafast
fibre-to-the-premises networks to rural communities in the UK. The investment is managed by
Infracapital, the infrastructure investment arm of Prudential, and builds on the Group’s on-going
commitment to invest in infrastructure projects that benefit the national economy.
At the same time, Gigaclear’s existing shareholder Woodford Investment Management (Woodford) is
committing a further £10m of investment from funds under their management.
Gigaclear brings high quality, fast and reliable broadband connectivity to the UK’s rural population,
offering customers speeds up to 1Gbps via fibre optic cable all the way to each property in areas
typically underserved by the existing large broadband providers. The company has already built and
operates 23 rural fibre networks, and has a strong pipeline with a further 31 in construction. It targets a
market of 1.5 million rural households and businesses across thousands of rural communities seeking
ultrafast and reliable broadband.
Ed Clarke, Co-Founder and Director of Infracapital, said:
“We are delighted to play a role in getting the UK connected. This is a unique opportunity to invest at an
early stage in the development of high speed communications infrastructure for the UK’s underserved
rural population. Gigaclear has enormous growth potential and we look forward to supporting
Gigaclear’s management team in the build out of fast, high quality broadband connectivity.”
Matthew Hare, Chief Executive, Gigaclear, said:
“Securing this new investment from Prudential and Woodford is a major breakthrough for Gigaclear.
The divide between cut-off rural communities and connected towns and cities has never been greater,
and we see Prudential and Woodford’s investments as a strong endorsement of our business plan to
become the largest rural fibre-to-the-premises provider in the UK, bridging that divide by building
ultrafast, pure fibre networks. These investments give us the resources needed to accelerate our roll
out over the next 24 months to many more communities. ”
Gigaclear was advised in this transaction by Cameron Barney LLP.
If you require any further information please contact:
Martha Walsh / Rob Walker
+44 207 353 4200
Notes to editors:
Infracapital is the infrastructure investment arm of Prudential. Infracapital has over £2.4 billion funds
under management, and a team of 25 investment professionals with investment, management and
operational expertise. Infracapital’s approach to investment offers long-term value through the
acquisition and active management of a diversified portfolio of core European infrastructure assets.
Target sectors include utilities, essential transportation, renewables and communications infrastructure.
About the Prudential Group
Prudential is one of the world’s leading financial services groups. It provides insurance and financial
services through its subsidiaries and affiliates throughout the world. It has been in existence for more
than 166 years and has £496 billion in assets under management (as at 31 December 2014). Prudential
plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of
business is in the United States of America.
About Woodford Investment Management
Woodford Investment Management is a fast-growing asset management company built on a founding
philosophy of transparency and simplicity. Launched in May 2014, the company has more than £10bn
assets under management and advice.
Gigaclear is a private and institutional investor backed communications operator dedicated to building
and operating ultrafast fibre to premises broadband networks in rural communities. With pure fibre
connectivity to every property in a community, delivering open, ultrafast broadband access, customers
have complete control over the choice of services they wish to use. The company was founded in
December 2010 by its chief executive, Matthew Hare. For further information about qualifying
communities see http://beta.gigaclear.com/postcode-checker/