Netomnia and Brsk are set to combine operations creating a 1.5 million premise footprint immediately post-merger with 140,000 homes and businesses Ready for Service.
The joint entity will use up to £900m of debt to grow its network to three million premises by the end of next year.
Since 2020, Netomnia and Brsk have raised over £1.3 billion of capital, with support from investors Advencap, DigitalBridge, and Soho Square Capital. DigitalBridge and Advencap will be committing additional equity funding as part of this raise.
The newly merged entity will be led by Jeremy Chelot as CEO and Wil Wadsworth as CFO. Giorgio Iovino and Ian Kock will remain as CEO and COO, respectively, of Brsk.
Chelot said: "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.”
Iovino added: "The merger is a testament to our shared entrepreneurial spirit and experienced teams that can deliver even more.”