• Cube Infrastructure Managers (Cube) launched a process to raise new equity and debt to fund the growth of its majority owned portfolio company G.Network UK Communications Limited (G.Network)
  • Founded in 2016, G.Network is a full fibre broadband service provider installing new, fibre optic connections directly to residents and businesses across London
  • G.Network plans to expand its contiguous network, bringing full-fibre connectivity to 1.4m premises across 13 London boroughs over the next five years
  • DC Advisory (DC) was engaged by Universities Superannuation Scheme Limited (USS) to act as financial advisor providing M&A and debt advice on its investment in a joint controlling stake in G.Network
  • DC has strong fibre sector knowledge and experience, having previously advised on multiple fibre transactions across Europe


  • DC contributed to a number of detailed work streams throughout the investment process, including:
    • Process strategy and bid tactics
    • Financial modelling and valuation
    • Due diligence coordination
    • Debt advice to assist with the debt raising process
    • Advice on transaction documentation, including a shareholders’ agreement


  • In early December 2020, USS agreed to become a joint controlling shareholder and invest £295m of new equity in G.Network
  • Cube will remain as co-controlling shareholder alongside USS jointly to develop further G.Network
  • Debt facility of up to £745m was secured from four banks, which includes an extendable credit facility
  • As a result of this successful fundraise, G.Network will be able to invest over £1bn in rolling out full fibre connectivity in London