The Stevens & Bolton corporate team has advised Lit Fibre Limited (Lit Fibre) on its sale to full fibre platform, CityFibre, which is expected to complete in the second quarter of 2024.
Lit Fibre is a vertically integrated altnet, comprising a network builder and internet service provider (ISP). It has a current footprint of more than 200,000 premises in excess of 20 towns in Wiltshire, Gloucestershire, Hertfordshire, Worcestershire, Essex and Suffolk, and serves a rapidly growing subscriber base of in excess of 9,000 retail customers. The acquisition of Lit Fibre is the first of several deals CityFibre expects to close over the next two years and follows CityFibre’s decision to pursue altnet acquisitions as a strategic growth driver.
Tom Williams and Ben Bresler, co-founders at Lit Fibre, commented: "Just over three years ago we established Lit to bring internet connections of the highest quality to towns across the UK. Along with our team we’ve been successful in building an enviable reputation for quality and customer service that our customers rate highly. Our efficient build model and reputation for excellent quality and service has been recognised by CityFibre and we’re looking forward to working with them in the coming months to complete the deal."
The Stevens & Bolton team was led by Nick Atkins with support from Ed Cummings (corporate).
Nick Atkins