Brsk to merge with Netomnia. Here’s to becoming the second-largest alternative network in the UK!
We are delighted to announce a huge step in the revolution of the telecommunications industry. Brsk is set to merge with Netomnia, effectively turning two of the fastest-growing alternative networks (atlnets) in the United Kingdom into its second-largest, while also establishing the market’s only scaled and capital-efficient retail, wholesale and consolidation platform.
By joining forces, we’re bringing two highly experienced, like-minded teams together, each with a proven track record of building full fibre broadband networks efficiently, while providing excellent customer service.
Combined, our networks already span 1.5 million premises and have connected 140,000 customers, using just £300 million in debt funding. Our collective sights are set on reaching 3 million homes and businesses by the end of 2025, continuing the focus on effective capital management with the use of up to £900 million in debt funding.
Recently, brsk secured an additional £156 million in debt investment from Ares Management Corporation’s (Ares) Infrastructure Debt strategy, now totalling £259 million. Netomnia have also welcomed an additional £147 million from two new lenders, JP Morgan and Rand Merchant Bank, joining existing lenders Alpha Bank, Ares, Barclays, HSBC UK, ING, NIBC, Nord/LB, Standard Chartered, RBC and UKIB.
Overall, brsk and Netomnia have raised over £1.3 billion in capital since 2020, with strong backing from investors Advencap (shareholders of both brsk and Netomnia), DigitalBridge and Soho Square Capital. DigitalBridge and Advencap have also committed to additional equity funding.
Brsk’s Chief Executive Officer, Giorgio Iovino, commented: "The merger is a testament to our shared entrepreneurial spirit and experienced teams that can deliver even more. Together, we are set to deliver a fibre network that is not only fast and reliable but also future-proof, ensuring our customers benefit today and tomorrow. Our joint platform will be where the most powerful internet lives.”
Jeremy Chelot, Chief Executive Officer of Netomnia, added: "By merging our network expertise and resources, we are creating a powerhouse to deliver an unparalleled internet experience for our customers, driving innovation and further consolidation among altnets. The additional capital from our investors and support from our lenders is a powerful endorsement of our vision and ability to execute at the highest level.”
The merger is expected to be finalised within weeks, pending regulatory approval, and will result in an well-funded, alternative Fibre To The Premises (FTTP) platform that offers a seamless network experience, unified pricing and enhanced service quality across a shared footprint.
Leading the new entity will be Jeremy Chelot, as Chief Executive Officer, and Wil Wadsworth, as Chief Financial Officer. Giorgio Iovino and Ian Kock will stay on as Chief Executive Officer and Chief Operations Officer of brsk, respectively.
We’re beyond excited about this new chapter and the opportunity to deliver better broadband to more people. Stay tuned for more updates as we embark on this thrilling journey together.
