Corporate team advises Gigaclear on £111 million equity investment

23 August 2017

Gigaclear plc has undertaken a £111 million of equity investments to expand its provision of ultrafast fibre-to-the-premises (FTTP) broadband networks to rural communities.

Gowling WLG's corporate team advised Gigaclear on its four equity investments (all with a subscription price of £3.25 per share), which consist of:

  • a £60 million cash subscription by Infracapital (GC), established by Prudential Greenfield (an investment vehicle whose investors include Prudential Assurance, the life assurance business of Prudential PLC and external investors);
  • a £35 million cash subscription by Railway Pension Investments Limited ("Railpen"), as agent for the railways Pension Trustee Company Limited;
  • a £15 million cash subscription by funds managed by Woodford Investment Management limited - the CF Woodford Equity Income Fund (£9 million), Woodford Patient Capital Trust plc (£5.25 million) and the Omnis Income & Growth Fund (£0.75 million); and
  • a £1 million shareoffering to existing Gigaclear shareholders.

Corporate partner Jeff Elway led on the fundraisings, with assistance from associates Neil Hendron and Emily Nicholson.

The full history of the client's investments can be found in our detailed press release.

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