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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kcom Group Plc | LSE:KCOM | London | Ordinary Share | GB0007448250 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 120.00 | 120.00 | 120.20 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
(Rewrites, adds details.)
By Simon Zekaria
LONDON--Shares in CityFibre Infrastructure Holdings PLC (CFHL.LN) sank Monday after the fiber-optic infrastructure operator said it acquired national infrastructure assets of telecommunications network provider KCOM Group PLC (KCOM.LN) for GBP90 million ($137 million) in cash.
It also announced an underwritten placing to raise GBP80 million at 50 pence per share to raise funds.
The national infrastructure being acquired by CityFibre comprises network assets in 24 towns and cities. The assets don't include KCOM's network assets in Hull and East Yorkshire in the north of England.
Under the terms of the acquisition, CityFibre will provide KCOM with access to the acquired infrastructure for up to fifteen years, subject to a minimum term of five years and a yearly minimum revenue of GBP5 million.
At 0826 GMT, CityFibre shares fell 19% to 54 pence. KCOM shares rose 2.4%.
On CityFibre, Northland analyst David Johnson said given the placing is priced at 50 pence, the stock was always likely to come down to those levels.
Still, Mr. Johnson added the deal has logic for both companies.
"KCOM successfully monetizes an under-utilized asset that was no longer core to the company's strategy and thereby substantially reduce its debt," he said.
"CityFibre substantially accelerates its footprint expansion," he added, enabling compete more effectively as an alternative to telecoms operator BT Group PLC's (BT.A.LN) infrastructure division Openreach in the wholesale fiber infrastructure market and to BT's wholesale division for national service providers, data centers and mobile operators.
--Write to Simon Zekaria at simon.zekaria@wsj.com
(END) Dow Jones Newswires
December 14, 2015 03:44 ET (08:44 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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