A major investment in Lightning Fibre, a community-oriented full fibre network provider, will see hyper-fast fibre broadband rolled out in East Sussex with Eastbourne and Hastings the first towns to receive the cutting-edge technology.
The announcement follows the completion of a long term finance agreement between Lightning Fibre by the Foresight Group, a leading infrastructure and private equity investment manager.
The investment will accelerate the growth of Lightning Fibre's Fibre-to-the-Premise network across the wider south east.
With headquarters in Eastbourne, Lightning Fibre will build, install and operate new full fibre infrastructure, delivering broadband of up to 10GBps to over 100,000 homes and businesses currently served by ageing copper infrastructure.
Leading south east law firm, DMH Stallard advised Lightning Fibre on the private equity investment and share sale.
Abigail Owen, Corporate team at DMH Stallard, led on the transaction, working closely with Vincent O'Brien and Kay Miles at DMHS.
"This deal will see the network of hyperfast broadband extended initially across East Sussex; connectivity is critical at home and at work, and accelerating the installation of this technology will bring a timely boost to the local economy and the creation of new jobs.
"We were delighted to advise the team at Lightning Fibre and help move the company from it's start up/early trading position onto its next phase of development."
Lightning Fibre was also advised by EMC Corporate Finance. Foresight's advisers included Acuity Advisors, CMS Cameron McKenna Nabarro Olswang LLP and Analysys Mason.