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London broadband provider G Network looks to connect with buyers

Sky News has learnt that G Network, whose investors include Britain’s university lecturers’ pension scheme, is working with bankers to field takeover interest.

City sources said on Thursday that G Network, which has raised hundreds of millions of pounds in debt and equity, had engaged Nomura and Jefferies as advisers.

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CityFibre Holdings and Community Fibre are among the parties which are said to have expressed interest in buying the company.

Analysts expect a frenzy of consolidation in the so-called altnet space as companies grapple with higher debt interest costs, with many of them having borrowed substantial sums to fund their rollouts.

G Network has passed 416,000 broadband connections in the capital, and would be a key player for any consolidator hoping to gain scale in London.

A person close to the company said it was trading ahead of budget and on track to hit growth targets.

Last month, G Network announced that it had secured an additional £85m in funding from the Universities Superannuation Scheme (USS).

Several smaller altnets have gone to the wall or been rescued by larger players in the market.

G Network declined to comment.

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