CityFibre buys Entanet

moove_1Broadband provider CityFibre has written a £29 million cheque for the connectivity service Entanet.

The outfit is also popping around the bank to get a loan for  £185 million to expand CityFibre’s fibre metro area network from 42 to 50 UK cities by 2020.

CityFibre said it expects to make around £3 million per year by 2020 from the Entanet using its base of 1,500 channel partners to reach more business customers.

The firm had previously splashed £90 million on KCOM’s national infrastructure in 2015.

Greg Mesch, chief exec of CityFibre, said: “With Entanet now part of the CityFibre family, our combined offering will accelerate the take-up of services over our growing network footprints, leveraging Entanet’s enviable channel partner network and continuing to transform digital connectivity for thousands of UK businesses.

“Today’s capital raising also better positions CityFibre to undertake larger projects coming forward with the public sector as well as mobile operators in readiness for their small-cell rollouts and 5G services.”