Persimmon sells FibreNest to BUUK Infrastructure

(Sharecast News) - Housebuilder Persimmon said on Wednesday that it was selling FibreNest - its full fibre broadband service - to BUUK Infrastructure in a £100m deal. FibreNest will join OFNL as part of the BUUK group which provides full-fibre and multi-utility services to new build housing developments.

The discounted total enterprise value for the sale is around £100m, with £70m received upon completion and further payments contingent on business performance over the coming years.

Persimmon said it plans to use the proceeds from the sale of this non-core asset to invest further in the growth strategy set out in March.

It also said the sale will remove the need for the ongoing investment that FibreNest would have required in the coming years, providing additional capital for the company to allocate to deliver its medium-term growth ambitions.

Subject to regulatory clearance, the sale is expected to complete within three months.

Chief executive Dean Finch said: "The sale will provide greater choice to FibreNest customers and allows Persimmon to invest further in our growth strategy.

"By partnering with BUUK we have been careful to select a well-respected operator that is committed to excellent service."