4th Apr 2014 08:53
LONDON (Alliance News) - CityFibre Infrastructure Holdings PLC Friday said it is in advanced discussions with Coventry City Council as preferred bidder to acquire a citywide fibre infrastructure network.
The network, known as the Coventry Metropolitan Area Network, currently connects over 300 Council buildings, local schools and libraries in the West Midlands city of Coventry, CityFibre said.
The acquisition is subject to final approvals from the council and the conclusion of contractual agreements, CityFibre said. It didn't provide financial details of the project.
"Pending approval of the transaction and completion of contract, we intend to further invest in upgrading the capacity of the existing fibre infrastructure and building out new routes on a commercial basis. This would see Coventry become our largest city network, joining our growing number of Gigabit City projects and positioning the city at the forefront of the UK's digital economy," Chief Executive Officer Greg Mesch said in a statement.
CityFibre shares were Friday quoted at 70.20 pence, down 0.4%.
By Samuel Agini; [email protected]; @samuelagini
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