G.Network has launched a fresh bid to secure a sale, according to a Financial Times report.
The full fibre provider, which has a network spanning 416,000 homes in London, has instructed bankers at Jefferies and Nomura to contact potential buyers again, 18 months after first appointing to explore a deal.
The banks have been contacting rival altnets over the past week to gauge their interest in a potential takeover, the report said, having failed to secure a buyer last year.
The move comes as altnets, whose networks cover about 40 per cent of the UK according to consultancy Enders, have stepped up their efforts to secure financing and deals.
The groups, which are racing to build out full fibre to challenge Openreach and Virgin Media O2, are looking to scale to offset high borrowing costs and shareholder pressure for returns.
Rival CityFibre recently announced an acquisition of Connexin’s full fibre infrastructure around Hull. CityFibre hopes to add around 700,000 homes through tie-ups this year, with its deal with Connexin likely to add up to 185,000 premises to its network.
Karen Egan, head of telecoms at Enders, has estimated that Connexin’s shareholder, asset manager Patrizia, would take a 1.5 per cent stake in CityFibre as part of the agreement.
According to the report, CityFibre is one of the companies that G.Network has approached about a sale.
It said that G.Network, which was founded in 2016, has previously spoken with up to ten companies about a potential merger or acquisition.
Community Fibre and Virgin Media 02 had previously looked at acquiring the company, but decided against a bid for financial reasons, it was reported.
Virgin Media 02 is also currently seeking £1 billion from investors to launch its new wholesale fibre business NetCo in the UK, with BlackRock’s Gip among those interested in the minority stake, the report said.
Netomnia is also on track to announce a new round of funding in the coming weeks, aiming to deliver more than £100 million in revenues, it added.
G.Network declined to comment.