Persimmon to sell off its broadband service in £100m deal
York-headquartered house builder, Persimmon, has confirmed it is selling its full fibre broadband service, FibreNest, to BUUK Infrastructure.
FibreNest will join OFNL as part of the BUUK group which provides full-fibre and multi-utility services to new build housing developments.
The discounted total enterprise value for the sale is around £100m, with £70m received upon completion and further payments contingent on business performance over the coming years.
Persimmon says it intends to use the proceeds from the sale of this “non-core asset” to invest further in its growth strategy as set out in March 2025.
It explains the sale will also remove the need for the ongoing investment that FibreNest would have required in the coming years, providing additional capital for Persimmon to allocate to deliver its medium-term growth ambitions.
The business adds that under BUUK’s ownership, FibreNest will offer improved choice for customers, with access to up to 18 internet service providers.
Dean Finch, Persimmon group chief executive, said: “The sale will provide greater choice to FibreNest customers and allows Persimmon to invest further in our growth strategy.
“By partnering with BUUK we have been careful to select a well-respected operator that is committed to excellent service.”
The sale is expected to complete, subject to regulatory clearance, within three months.
