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Persimmon PLC on Wednesday said it will sell its full fibre broadband service FibreNest to BUUK Infrastructure.
The York, England-based housebuilder said the discounted total enterprise value for the sale is around £100 million. Persimmon expects the sale to complete within three months.
Persimmon will receive £70m upon completion of the sale, and further payments contingent on business performance over the coming years.
‘FibreNest will join OFNL as part of the BUUK group which provides full-fibre and multi-utility services to new build housing developments,’ Persimmon said.
Persimmon Chief Executive Officer Dean Finch 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.’
Persimmon shares fell 1.6% to 1,344.00 pence each on Wednesday morning in London.
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