MIRA acquisition of KCOM finalised
The City of Hull still holds the crown as the most full fibre'd local authority in the UK and now that the acquisition by Macquarie Infrastructure and Real Assets (MIRA) is complete there are some indications that an expansion to other parts of East Yorkshire are possible.
We are delighted to have finalised the acquisition of KCOM. We are looking forward to working closely with KCOM’s management team and workforce to increase fibre accessibility and reduce digital exclusion in the region. By investing to develop and expand KCOM’s networks, we hope to deliver the infrastructure that will underpin growth and innovation in East Yorkshire.Leigh Harrison, Head of MIRA EMEA
We are pleased to be partnering with an investor that has deep, global expertise in our industry. We are confident that Macquarie Infrastructure and Real Assets will support our long-term growth ambitions whilst helping us maintain our strong local focus and presence.Graham Sutherland, CEO of KCOM
The settlement of the shares follows on from the cash offer of £627 million which was approved by the KCOM board and subsequently approved by a majority of shareholders, and then the de-listing from the London Stock Exchange on the 2nd August 2019.
There are a few VDSL2 areas in the KCOM footprint which were built before the shift to deploying full fibre was made, so we hope that the statement about fibre accessibility will mean that these are upgraded from partial to full fibre availability. The more interesting aspect is the possibility of an expansion outside the existing KCOM network area with full fibre, this makes more sense in terms of the acquisition especially given the expertise held within KCOM after all the work deploying FTTP in Hull. Prior to the statements today we had assumed that the acquisition was about acquiring people with experience of FTTP construction to service what may be a very lucrative area for the next few years as the race towards 100% FTTP accelerates across the UK.