REG - Persimmon Plc - Sale of FibreNest

PersimmonAnnouncement

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RNS Number : 5102I  Persimmon PLC  14 May 2025

 

14 May 2025

Sale of FibreNest

 

Persimmon Plc today announces the sale of FibreNest, its full fibre broadband
service, to BUUK Infrastructure, subject to regulatory clearance.

 

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 c. £100m, with £70m
received upon completion and further payments contingent on business
performance over the coming years.

 

The Board 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. 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.

 

Under BUUK's ownership, FibreNest will offer improved choice for customers,
with access to up to 18 internet service providers. BUUK has a strong customer
service track record in managing fibre and multi-utility networks.

 

The sale is expected to complete, subject to regulatory clearance, within 3
months.

 

Dean Finch, Group Chief Executive, commented:

 

"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."

 

This announcement does not contain any inside information.

 

For further information please contact:

 Victoria Prior, Group IR Director            Giles Kernick, Teneo

 Anthony Vigor, Group Director of Strategic   Elizabeth Snow, Teneo

 Partnerships and External Affairs

 Persimmon Plc                                persimmon@teneo.com
 Tel: +44 (0) 1904 642199                     Tel: +44 (0) 7912 540 246

 

 

Established in 2018, FibreNest is Persimmon's ultrafast, full-fibre broadband
service. Priding itself on industry-leading customer service, it delivers
unlimited full-fibre optic internet access directly to new Persimmon Group
homes across England, Wales and Scotland, from the day customers move in.

 

 

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