Truespeed and Freedom Fibre Announce Strategic Combination

LONDON–(BUSINESS WIRE)–Truespeed Communications and Freedom Fibre announce they have signed an agreement to combine their businesses, creating a scaled, capital-efficient full fibre platform. The combined entity will play a leading role in the ongoing consolidation of the UK alternative network (“altnet”) sector.

This merger brings together two highly complementary, effectively unlevered, businesses with a combined footprint of 412,000 premises ready for service, and 70,000 customers, concentrated across the North-West, West Midlands, South-West and East of England.

Both businesses bring a proven track record of multi-location M&A execution and integration. Truespeed, after merging with County Broadband in 2025, has already consolidated its South-West and East of England networks into a single operation with integrated capabilities. Freedom Fibre, based in the North-West, had previously merged with VX UK in 2024, with network infrastructure in the West Midlands, South-West and East of England, plus the Internet Service Provider (ISP) LilaConnect, to create an integrated wholesale and multi-brand retail operation.

With complementary regional networks now coming together, the merged group is well-positioned to scale efficiently and accelerate its route to profitability. Founded in 2014, Truespeed, which has received investment from Aviva Investors, is a regional full fibre provider with high penetration rates and excellent customer satisfaction. Freedom Fibre, backed by InfraBridge and Equitix, was originally established as a wholesale-only FTTP platform, focused on delivering open-access fibre infrastructure. The combination of Truespeed’s proven retail brand, customer growth engine and regional density with Freedom Fibre’s wholesale platform and growing retail capability creates a scalable combined model with clear operational and commercial benefits.

Long-term investors Aviva Investors, InfraBridge, and Equitix, each with significant experience in the UK FTTP sector, are backing the transaction. Together with the management team, they aim to boost customer numbers, enhance service quality, and achieve sustainable, capital-efficient growth.

Nathan Vautier, proposed CEO of the combined group post-completion, commented:
“This merger is a strategic step that demonstrates our commitment to ongoing industry consolidation and growth. As we combine expertise and scale, our new platform is primed to lead future M&A and drive broader transformation. Together, we are set to accelerate expansion, create value and shape the sector’s evolution.”

Nelson Missier, proposed Chief Strategy & Commercial Officer of the combined group post-completion, commented:
“This merger is an exciting development and the next logical step for Truespeed and Freedom Fibre. By combining complementary capabilities and business operations, we are creating a powerhouse to drive commercial growth, profitability and consolidation in the sector. Our shared vision is to grow further and faster, delivering world class connectivity and exceptional service to our wholesale and retail customers”.

Ian Shervell, Senior Director, Infrastructure Equity, at Aviva Investors, said:
“We are glad to back this merger between Truespeed and Freedom Fibre. As the UK telecoms market matures, we believe Truespeed and Freedom Fibre bring together critical capabilities for future success, including experienced teams, high penetration levels, strong brand recognition, and a wholesale model underpinned by scalable technology and efficient operations. We believe the newly combined business is well-placed to capitalise on UK market trends, leading to improved performance prospects.”

James Burke, Managing Director & Co-Head, InfraBridge, said:
“This combination is a highly logical next step for both businesses. Truespeed and Freedom Fibre bring complementary network footprints, operating models and go-to-market strengths, creating a stronger platform with greater operational depth, broader geographic reach and a more balanced wholesale and retail offering.”

The merger is subject to customary regulatory approvals and is expected to be completed in Q2 2026.

Advisers: Truespeed was advised by Acuity Advisors with legal advice from CMS Cameron McKenna Nabarro Olswang LLP. Houlihan Lokey acted as financial adviser to Freedom Fibre, with legal advice from Weil, Gotshal & Manges.

ENDS

About Aviva Investors
Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 9 countries in Asia Pacific, Europe, North America and the United Kingdom with £238 billion in assets under management as of 31 December 2024.

About InfraBridge
InfraBridge is a diversified middle-market infrastructure manager focused on digital infrastructure, transport, logistics and the energy transition. InfraBridge is a division of DigitalBridge (NYSE: DBRG), a leading global alternative asset manager dedicated to digital infrastructure with USD 108 billion in assets under management. Headquartered in London, InfraBridge managed funds invest in essential infrastructure assets across Europe and North America. For more information, visit www.infrabridge.com.

About Equitix
Equitix is the UK’s leading mid-market infrastructure investor, developer, and fund manager, managing over £13.8 billion AUM across more than 300 projects in 24 countries. Founded in 2007, our mission is to create a lasting legacy through responsible investment, deep sector expertise, and strategic partnerships. We operate across a diverse range of sectors including social infrastructure, transport, renewable energy, environmental services, network utilities, and digital infrastructure – delivering inflation-correlated returns and long-term value to our stakeholders. www.equitix.com

About Truespeed
Founded in 2014, Truespeed delivers full fibre broadband to hard-to-reach homes and businesses in the South-West and East of England. Through its brand-new fibreoptic infrastructure, the firm delivers 10 Gbps capable broadband directly into premises, offering ultrafast, future-proof connectivity. Since 2017, Truespeed has been backed by Aviva Investors. For more information, visit www.truespeed.com

About Freedom Fibre
Freedom Fibre is a full-fibre wholesaler delivering lightning-fast, reliable connectivity to homes and businesses across the North-West and West Midlands. Known for its open-access network and strong partnerships with leading national providers, such as TalkTalk, Zen Internet, and its own retail arm LilaConnect, Freedom Fibre combines engineering expertise with a commitment to innovation and customer experience.

Contacts

Aviva Investors
Steve Ainger: [email protected]
James Morgan: [email protected]

InfraBridge (a division of DigitalBridge)
Iris Tomczyk: [email protected]

Equitix
[email protected]

Truespeed Communications
Duncan McCarthy: [email protected]

Freedom Fibre
Charlotte Springer: [email protected]