Acuity is pleased to announce that it has advised Voneus, backed by Macquarie Capital and Tiger Infrastructure on the acquisition of the trade and assets of Broadway Partners. In conjunction with this transaction, Macquarie Capital, Israel Infrastructure Fund and Tiger Infrastructure Partners also announced that they have merged SWS Broadband and Cadence Networks with Voneus Broadband. SWS Broadband, Cadence Networks and Broadway Partners all began operating as part of Voneus as of the 25th of September.
Tiger Infrastructure Partners, the principal shareholder of Rural Broadband Solutions, the holding company of SWS Broadband and Cadence Networks, will become a major shareholder in the combined group alongside Macquarie Capital (which initially invested in Voneus in 2019) and IIF, which first invested in Voneus in 2021.
The combined group will be funded with up to £250 million in new capital from the three shareholders and bank lenders to advance the company and the UK government’s shared objective of closing the digital divide. These developments put Voneus in a game-changing position to meet the needs of underserved communities with broadband connectivity. The combined company has a target to serve over 350,000 premises across the UK.
The current transaction creates a larger business that will benefit from numerous synergies including improved economies of scale, a larger future build pipeline, diversified contractor relationships, and strong backing from institutional shareholders. SWS Broadband, Cadence Networks, and Broadway Partners operate in areas adjacent to where Voneus is already active.
Christopher Traggio, CEO of Voneus Broadband, said:
“This is a very exciting time for Voneus, and for our new partners, shareholders, and the communities we serve. We have the backing of our shareholders to accelerate our roll-out plan, which we know will make a positive impact as we all share the same focus to deliver innovative broadband solutions to communities across the UK. Welcoming SWS Broadband, Cadence Networks and Broadway Partners into Voneus provides us with even more opportunities to support businesses, individuals, and communities to thrive – fostering economic development, education, and communication to help improve the overall quality of life no matter where they are from.”
Oliver Bradley, Senior Managing Director at Macquarie Capital, and Stefano Giulietti, Senior Vice President at Tiger Infrastructure Partners said:
“The acquisition of Broadway Partners was strategically important in growing Voneus’ portfolio of assets and customers. Voneus appointed Acuity Advisors as its exclusive financial advisor. The Voneus team is pleased with the support that the Acuity team provided throughout this complex transaction.”
Marcus Allchurch, Managing Partner at Acuity Advisors, commented:
“I am absolutely thrilled to have advised Voneus on this complex transaction. Voneus is a well capitalised Altnet of scale, with first-class institutional support and I look forward to supporting the team in the future as they use consolidation to accelerate the business’ organic growth.”
The terms of the transaction have not been disclosed.