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Citigroup targets 'second tier' cities in multi-million pound broadband investment

CityFibre Holdings secures major money from the high profile investment bank

Investment bank Citigroup has entered into a multi-million pound deal to help finance the rollout of fibre-to-the-premise (FTTP) gigabit broadband services to 'second-tier' cities across the UK.

CityFibre Holdings, a fibre optic infrastructure provider, has revealed details of the investment, which is set to contribute towards its £500 million plans to deliver superfast broadband to 1 million homes and 50,000 businesses in 14 secondary cities across the UK.

Citigroup joins Macquarie Capital, who also decided to back CityFibre in November last year, and is now the lead advisor in helping the broadband company gain additional investment.

"I am delighted to announce the provision of a facility by such a prestigious financial institution as Citi," said Greg Mesch, CEO at CityFibre.

"They understand the vital role of fibre infrastructure and recognise the unprecedented business opportunity afforded by acute underinvestment in the UK".

CityFibre currently holds almost 30,000 kilometres of fibre and connects more than 350 sites and data centres across the UK.

The UK government has also committed a minimum of £730 million up until 2015 to support the rollout of next generation broadband networks across the UK, in a bid to meet Chancellor George Osborne's aim of creating the best superfast network in Europe by 2015.

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