Bryan Cave Leighton Paisner has advised investment and asset manager Downing LLP on the deal.
Downing LLP signed a £145 million funding deal with broadband provider Broadway Partners (Broadway) to accelerate a delivery program to bring full fiber broadband to rural communities across Wales and Scotland.
The funding will support Broadway’s aspirations to connect more than 250,000 new homes to full fiber broadband by 2025. The deal marks the first investment from Downing managed funds into digital infrastructure.
Broadway Partners launched in 2016 to deliver affordable, high-speed broadband services to the remote regions of the UK, particularly Wales and Scotland where there is a notable digital divide. Broadway is currently connecting villages in Pembrokeshire, Monmouthshire, Arran, Stirlingshire, Loch Ness, and Perth and Kinross, and is extending networks into Powys, Ceredigion, Carmarthenshire, Denbighshire, Aberdeenshire, and Argyll and Bute.
Downing is a responsible investor with a commitment to making investments that have a positive impact on communities across the UK and understands how important it is to empower rural locations with reliable, quick broadband for both work and leisure opportunities.
BCLP advised Downing on all aspects of the transaction (including the acquisition, equity arrangements and debt funding). Partners Patrick Johnson (Picture) and Mark Richards led a cross-disciplinary BCLP team, which included Lara Rush, Scarlett Evans, Indi Heire, Olivia Scott, Alex Hadrill, Hansy Shore and Annalise Mensah, as well as lawyers from BCLP’s tax, commercial, employment and real estate teams.
Involved fees earner: Scarlett Evans – Bryan Cave Leighton Paisner; Indi Heire – Bryan Cave Leighton Paisner; Patrick Johnson – Bryan Cave Leighton Paisner; Mark Richards – Bryan Cave Leighton Paisner; Lara Rush – Bryan Cave Leighton Paisner; Olivia Scott – Bryan Cave Leighton Paisner;
Law Firms: Bryan Cave Leighton Paisner;
Clients: Downing LLP;