Michemores has advised Cornish broadband provider Wildanet on a £50m investment from Gresham House to “turbocharge” its full fibre gigabit broadband rollout.
Wildanet is an independent Cornwall-based internet service provider, bringing high-speed broadband to homes, businesses and communities throughout Cornwall and the South West. Gresham House is an AIM listed specialist alternative asset manager offering funds, direct investments and tailored investment opportunities.
The deal between Wildanet and Gresham House represents a vote of confidence in Wildanet’s plans to bring high-speed internet to rural communities in the South West and follows an initial investment of £50m made in 2020.
Wildanet is looking to rapidly grow its fibre broadband network in the region, having also created more than 180 direct jobs to date. Plans are in place to recruit up to a further 200. It expects to add more than 50,000 rural ready for service premises by the end of 2023 to add to the 60,000 wireless connections already available across Cornwall and Devon.
The Michelmores team advising on the deal was led by Senior Partner Richard Cobb and Associate Victoria Miller, both from the Firm’s Corporate team, alongside Partner Karen Williams and Solicitor Annabel Goodwin, both from the Firm’s Banking and Finance team. Members of the Firm’s Employment team also supported.
Richard Cobb comments:
“We are pleased to have advised Wildanet on its investment from Gresham House, which will bring modern, high-speed digital connectivity to residents and businesses across the South West.
“Over the past few years, Wildanet has had a transformative impact on communities and we are delighted to be supporting their expansion projects.”
Martin Williams, Chief Financial Officer of Wildanet, comments:
“The team from Michelmores were great. They were always able to provide guidance and advice as issues arose and were a vital part of our success.”
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