Houlihan Lokey Advises Freedom Fibre

Houlihan Lokey is pleased to announce that Freedom Fibre and Truespeed Communications (Truespeed) have signed an agreement to combine their businesses, creating a scaled, capital-efficient, full-fibre platform that will play a leading role in the ongoing consolidation of the U.K. alternative network sector. The merger is subject to customary regulatory approvals and is expected to be completed by the end of Q2 2026.

Freedom Fibre is a full-fibre wholesaler delivering lightning-fast, reliable connectivity to homes and businesses across England’s North West and West Midlands. Backed by InfraBridge and Equitix, it was originally established as a wholesale-only, fibre-to-the-premises (FTTP) platform, focused on delivering open-access fibre infrastructure. Known for its open-access network and strong partnerships with leading national providers, such as TalkTalk, Zen Internet, and its own retail arm LilaConnect, Freedom Fibre combines engineering expertise with a commitment to innovation and customer experience.

Founded in 2014, Truespeed delivers full-fibre broadband to hard-to-reach homes and businesses in the South West and East of England. Through its brand new fibre-optic infrastructure, the firm delivers 10 Gbps-capable broadband directly into premises, offering ultrafast, future-proof connectivity. Since 2017, Truespeed has been backed by Aviva Investors.

This merger brings together two highly complementary, effectively unlevered businesses with a combined footprint of 412,000 premises ready for service and 70,000 customers, concentrated across the North West, West Midlands, South West, and East of England. Both businesses bring a proven track record of multi-location M&A execution and integration. Truespeed, after merging with County Broadband in 2025, has already consolidated its South West and East of England networks into a single operation with integrated capabilities. Freedom Fibre, based in the North West, merged with VX UK in 2024, with network infrastructure in the West Midlands, South West, and East of England, plus the internet service provider (ISP) LilaConnect, to create an integrated wholesale and multi-brand retail operation.

With complementary regional networks now coming together, the merged group will be well positioned to scale efficiently and accelerate its route to profitability. The combination of Truespeed’s proven retail brand, customer growth engine, and regional density with Freedom Fibre’s wholesale platform and growing retail capability creates a scalable combined model with clear operational and commercial benefits.

Long-term investors Aviva Investors, InfraBridge, and Equitix, each with significant experience in the U.K. FTTP sector, are backing the transaction. Together with the management team, they aim to boost customer numbers, enhance service quality, and achieve sustainable, capital-efficient growth.

Houlihan Lokey acted as the financial advisor to Freedom Fibre.

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