Global investment firm KKR has acquired a majority stake in Hyperoptic, a UK residential broadband provider, from Newlight Partners and Mubadala Investment Company.
Hyperoptic was founded in 2011 and provides fast broadband services of up to to 1Gbps (1,000 megabits per second), which is 18x faster than the UK average.
Its fibre broadband network is currently available in 43 towns and cities in the UK and it aims to reach five million homes and businesses by 2024.
Hyperoptic will continue to be led by its CEO Dana Tobak and Executive Chair Boris Ivanovic.
Dana Tobak, CEO of Hyperoptic, said: “Currently, only 8% of the UK has access to full fibre and less than half of that to symmetrical gigabit services. We are confident that with the support of KKR and their significant expertise enabling high-growth businesses, our ambitious infrastructure plans to build our hyperfast network out to two million homes by 2021 and five million by 2024 will be realised.”
Vincent Policard, Member of KKR, and Cristina Gonzalez, Director in European Infrastructure at KKR, added: "Hyperoptic has a market-leading position and superior consumer product. The business is strongly positioned to meet the growing demand for full-fibre services in the UK through further investment and national roll-out, supporting housing development and renovation.”