An investment group that includes Abu Dhabi’s sovereign-wealth fund is close to acquiring a minority stake in CityFibre Infrastructure Holdings in a deal that would value the U.K. fiber-optic-broadband provider at more than $2.7 billion, according to people familiar with the matter.
The investment would be from Abu Dhabi’s Mubadala Investment Co. and the investment arm linked to the family behind IKEA, the people said. It comes as wholesale broadband network providers like CityFibre and incumbent telecom operators such as AT&T Inc. in the U.S. and Britain’s BT Group PLC areto reach more customers and support the rollout of superfast 5G wireless services.
At the same time, the promise of recurring revenue generated from the high-speed transmission of video and other bandwidth-hogging data is drawing investors seeking steady long-term returns. The deal, if finalized, is expected to be announced over the coming weeks and would value CityFibre at more than £2 billion, equivalent to $2.7 billion, the people said.
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