Houlihan Lokey Advises FullFibre

Transaction: Full Fibre - Basalt Infrastructure Partners - Zzoomm - Oaktree Efa

Houlihan Lokey is pleased to announce that FullFibre, backed by funds managed and advised by Basalt Infrastructure Partners LLP, has agreed to merge with Zzoomm, backed by funds managed and advised by Oaktree Capital Management, LP. The transaction is subject to final documentation execution and regulatory approval, which is expected early in 2025.

Headquartered in Exeter, England, FullFibre is a wholesale full-fibre network provider with 400,000 premises ready for service. It provides fibre-to-the-premises (FTTP) services through a growing list of internet service provider (ISP) partners, including its own in-house ISP retail company BeFibre. FullFibre operates across 81 market towns and small urban communities in England. The company is known for building high-quality, capital-efficient networks on an open-access basis, providing consumer choice to underserved market towns.

Headquartered in Oxford, Zzoomm is an established and rapidly growing full-fibre network operator, providing FTTP to underserved market towns where there is minimal or no existing access to a full-fibre network. It operates across 29 market towns and small urban communities in England, with more than 200,000 premises ready for service.

The enlarged group will have one of the largest full-fibre footprints in the U.K., with some 600,000 properties ready for service and over 65,000 customers, and will be able to accelerate growth, enhance operational efficiency, and lead on further M&A across the fragmented altnet sector. Additionally, the partnership will enhance wholesale services for ISPs, unlocking valuable new revenue streams. James Warner, CEO of FullFibre, will be Group CEO, and Matthew Hare, CEO of Zzoomm, will become Executive Chairman.

Mr. Warner commented, “With a shared commitment to delivering transformational full-fibre connectivity with exceptional customer experience, this deal strengthens our collective ability to grow even faster and seize new market opportunities.”

Mr. Hare commented, “An enlarged business with the operational and financial infrastructure, benefitting from the economies of scale, as well as a management team with an exceptional track record, we will have an excellent platform to combine with other altnets in the near future as well as driving organic growth faster.”

Houlihan Lokey served as the exclusive financial advisor to FullFibre.

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