Abu Dhabi – Mubasher: UK-based Hyperoptic on Wednesday announced that it has inked an agreement with Mubadala Investment Company (Mubadala), the investment arm of Abu Dhabi’s government, with assets under management of $225 billion.

Under the deal, Mubadala has acquired the minority stake in the UK’s largest gigabit broadband provider and Mounir Barakat, executive director ICT, will be joining Hyperoptic Board of Directors as an observer.  

The new investment follows Hyperoptic’s successful GBP 250 million debt raise this summer, according to the firm’s statement.

This also will allow the British company to accelerate the growth of its 1Gbps full fiber national broadband network, as Hyperoptic pledges to deploy up to GBP 500 million over the next three years, bringing forward its target of two million homes passed to 2021.

“We have been following Hyperoptic for the last couple of years and have been impressed by the impact they have had on the UK fiber market, taking a strong leadership, catalyst and disruptor role. We are excited to be joining the Hyperoptic team, providing substantial capital and balance sheet power as support for their clear vision for the future of the UK telecom market,” Barakat commented.

It is worth mentioning that Hyperoptic already powers nearly half a million homes and businesses with access to its 1Gbps service, giving customers internet speed 21 times faster than the national average.

The value of the acquisition was not disclosed.