nexfibre to invest £1bn in broadband infrastructure in 2024

Fibre network provider, nexfibre, has announced plans to invest £1 billion in the UK’s broadband infrastructure this year.

Source: nexfibre

The plans aims to drive long-term competition in the fibre access market across the UK and reach its target of delivering its services to 5 million premises by 2026.

nexfibre is a joint venture between Liberty Global, Telefónica and Infravia.

The billion pound investment will also challenge Openreach’s “monopolistic position in the market”, said the company.

It comes following the news that Virgin Media O2 will create a new Netco from the service provider’s infrastructure assets, including its legacy cable network, that will also be intended as a national competitor to Openreach. Though nexfibre will continue to operate as the same separately.

Once completed, the separate NetCo and nexfibre networks will reach a combined total of up to 23 million homes, reaching around 75% of the country. Liberty Global boss Mike Fries suggested that both the new NetCo and nexfibre could be vehicles for consolidation of the UK alternative network market.

Rajiv Datta, CEO of nexfibre, said: “The £1billion we are investing this year will be a major boost to the UK’s digital infrastructure. Backed by our world-class investors, we are bringing much-needed sustainable competition and next generation connectivity to the UK. Our focus is on addressing the historical lack of investment that has left the UK lagging behind its European counterparts, and providing a platform for progress and innovation to deliver lasting value to the communities we serve, and the wider economy.”

Andrea Salvato, chairman of nexfibre, added: “Our in-year investment of £1bn represents an important step as we continue to build a world-class network, which will reach more than 5 million homes across the UK by 2026. At nexfibre, we are committed to bringing full fibre connectivity to previously underserved suburban and semi-rural areas, playing our part in helping to close the digital divide and boost local economies.”