International law firm Gowling WLG has advised Zzoomm Group Limited on the equity investment by a new Luxembourg-incorporated company set up by funds managed by Oaktree Capital Management, L.P. ("Oaktree"), of up to £100 million.

Zzoomm Group Limited, set up by Matthew Hare OBE in late 2018, is the builder and operator of full fibre broadband networks and is currently completing the build out of its first network in Henley-on-Thames.

The new investment will accelerate the rollout of Zzoomm's full fibre broadband network across the UK and vital infrastructure build across market towns nationwide.

The deal was led by corporate partner, Jeff Elway, working with principal associates, Stephen Bowman and Dhruv Chhatralia, associate Emily Airton and trainee Alistair Connor, along with tax and employee incentives consultant Michael Murphy.

Jeff Elway said: "We're really pleased to have advised Zzoomm Group Limited on what is a substantial funding deal against the backdrop of challenging market conditions. Oaktree has recognised the ability of Zzoomm's experienced management team and the funding will enable Zzoomm to accelerate its Full Fibre broadband offering to many more homes and businesses across the UK. We very much look forward to supporting Zzoomm on the accelerated rollout of its network across the UK."

This transaction continues Gowling WLG's impressive record in the broadband builder and operator (and related services) sector. The firm has previously acted for the Investment Management Corporation of Ontario on its €250 million equity investment in euNetworks Group Limited, for Toob Limited on its £75 million equity investment by Amber Infrastructure Group's National Digital Infrastructure Fund, for Gigaclear plc on various investments totalling £248 million in aggregate by Infracapital, various Woodford Funds and the Railways Pension Fund before a takeover offer by Infracapital (valuing Gigaclear at £270 million). It has also advised G.Network Communications Limited on the £4.7 million investment by various Albion Venture capital funds, as well as the £29 million sale of Entanet Holdings Limited, to CityFibre Infrastructure Holdings plc.