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Highlight

  • Persimmon sells FibreNest to BUUK Infrastructure for approximately £100m, with £70m received upfront.
  • FibreNest customers to gain access to up to 18 internet service providers under BUUK’s management.
  • Sale proceeds to be reinvested in Persimmon’s medium-term growth plan announced in March 2025.

Persimmon Plc (LSE:PSN) has confirmed the sale of its broadband business, FibreNest, to BUUK Infrastructure in a transaction valued at approximately £100 million. The sale, which is subject to regulatory approval, is expected to be finalised within three months.

FibreNest, the full-fibre broadband service developed by Persimmon to serve its new housing developments, will now become part of BUUK’s utility services network. Specifically, it will be integrated with OFNL (Open Fibre Networks Limited), a BUUK subsidiary that specialises in providing fibre and multi-utility infrastructure to residential developments across the UK.

The financial structure of the deal includes an initial payment of £70 million to Persimmon upon completion, with further contingent payments to follow, depending on FibreNest’s financial performance in the coming years. The transaction reflects a discounted enterprise value of around £100 million.

The company stated that the sale of FibreNest, a non-core asset, will release funds that will be reinvested into its growth strategy, which was outlined in March 2025. It also removes the need for the ongoing investment FibreNest would have required had it remained under Persimmon’s ownership.

Dean Finch, Group Chief Executive of Persimmon, said:
 "The sale will provide greater choice to FibreNest customers and allows Persimmon to invest further in our growth strategy. By partnering with BUUK, we have been careful to select a well-respected operator that is committed to excellent service."

FibreNest was previously a closed network, the transition to BUUK's management will enable customers to choose from up to 18 different internet service providers. This shift marks a major improvement in service options and aligns with BUUK’s long-standing commitment to high-quality, customer-centric infrastructure solutions. BUUK Infrastructure is a trusted name in the utility sector, with extensive experience in managing fibre, gas, water, and electricity networks.