M&G backs significant infrastructure investment in Welsh broadband

Deal will initially bring high-speed broadband to 150,000 homes and businesses in southern towns and villages
New infrastructure investment will create at least 140 local jobs
Brings M&G’s direct investments into the Welsh economy to almost £2 billion

Infrastructure funds managed by M&G plc, a leading savings and investments business, have today agreed to acquire a controlling stake in Welsh telecoms company Spectrum, to secure a major roll out of high-speed broadband in underserved areas of south Wales.

The deal secures capital to invest in full fibre broadband infrastructure, transforming the digital landscape for communities within the region, as well as creating at least 140 jobs locally to support the network buildout.

This latest investment by M&G brings the amount directly invested into the Welsh economy to almost £2 billion, through deals such as this, its ownership of commercial real estate and private lending to housing associations, infrastructure assets and companies.

The greenfield and digital infrastructure funds are managed by Infracapital, the infrastructure equity investment arm of M&G Plc, and seek to build, deliver and operate essential and sustainable infrastructure across Europe.

Jack Daniels, Chief Investment Officer, M&G plc, says: “Deals such as this demonstrate the impact patient capital can have when invested directly into local economies – creating jobs, supporting companies, providing homes and businesses with an improved service and in turn, it should benefit our pension fund and institutional investors with much needed investment returns.”

Giles Phelps, Spectrum Founder, says: “Spectrum is well known in Wales as a broadband innovator. We already provide high-quality broadband to underserved communities and start-up businesses. As we grow, we are committed to working closely with the communities we serve and to provide customers with an even better service from our local team. With Infracapital’s support we aim to be Wales’s biggest and best homegrown broadband service provider, and a key contributor to helping shape the future Welsh economy.”

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Media enquiries

Irene Chambers

Media Relations

+44 (0)782 569 6815

irene.chambers@mandg.co.uk

Notes to editors

OpenAbout M&G plc

M&G plc is an international savings and investments business, managing money for both individual savers and institutional investors in 28 markets. As at 30 June 2020, we had £339 billion of assets under management and administration, around 5 million retail customers and more than 800 institutional clients.

With a heritage dating back more than 170 years, M&G plc has a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. We serve our savings and insurance customers under the Prudential brand in the UK and Europe and for asset management in South Africa, and under the M&G Investments brand for asset management clients globally.

OpenAbout Infracapital

Infracapital has raised and managed over £6.5 billion of capital across its funds, investing on behalf of institutional investors, including many pension funds in both the UK and Europe.

Infracapital has significant experience in the telecoms sector and manages a portion of the UK Government’s Digital Infrastructure Investment Fund supporting the nationwide roll out of high speed fibre.

The UK is currently one of Europe's most underserved fibre broadband markets and has created multiple investment opportunities for Infracapital who have been active in the sector since 2015 and on the European Continent too. In May, the firm invested in Fibrus, a broadband provider based in Northern Ireland and in the following month, agreed to acquire the German broadband provider BBV.

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イングランド及びウェールズで設立された国際グループ企業であるPrudential plc（プルデンシャル・ピーエルシー）の関連会社をお探しの場合は、こちらをクリックしてください。

M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.

M&G plc は、イングランド及びウェールズで設立・登録。本社登録地は10 Fenchurch Avenue, London EC3M 5AG。登録番号11444019。M&G plcは持ち株会社で、その子会社の一部はPRA（健全性監督機構）及びFCA（金融行為規制機構）に認可され、それらの規制対象となっています。

M&G plc は、イングランドを登録地、及び主たる事業領域とする会社で、その関連会社は有数の貯蓄・投資機関として基盤を確立しています。M&G plcは、Prudential Assurance Company Limited（プルデンシャル・アシュアランス・カンパニー・リミテッド）の直接親会社です。なお、Prudential Assurance Company Limitedは、アメリカ合衆国を主たる事業領域とするPrudential Financial, Inc.（プルデンシャル・ファイナンシャルInc.）またはイングランド及びウェールズで設立された国際グループ企業であるPrudential plc（プルデンシャル・ピーエルシー）とは一切関係がありません。