George Soros increases his broadband coverage by investing £50 million in the UK grid

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Already involved in the telecoms industry in Myanmar, Soros continues to invest, this time taking a major share in leading British fibre broadband provider, Hyperoptic.

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/ By Albert Hecht /

Quantum Strategic Partners, a private investment vehicle managed by Soros Fund Management owned by George Soros has reportedly invested close to £50 million in Hyperoptic, in order to speed up the spread of their broadband coverage across the UK.

Hyperoptic are a privately owned company whose specialty is building super powerful high-speed broadband connections (up to one gigabyte per second) for the domestic market. Because of the very high speeds, Hyper optic’s systems have pulled be very popular in the UK.

Soros’s capital injection will now allow Hyperoptic to gradually expand their services into most of the U.K.’s major cities by the end of the year as well as spread their activities into the business sector and to help meet the fast growing demand for internet TV and cloud computing. Until now Hyperoptic have restricted their activities only within the domestic market in London.

Now according to Boris Ivanov, the chairman of Hyperoptic, with the capital injection to be made Soros, the company, founded by Ivanov in 2010 will be able to embark on their planned expansion programme.

Quantum Strategic Partners’ investment in Hyperoptic marks the first private equity investment that the company has made in the UK which will see them warning “an undisclosed but substantial part of the business

Hyperoptic was established to provide technology “fibre-to-the-home” broadband, a technology which allows dramatically faster speeds that normal fibre services. Thanks to the injection of capital from George Soros, Hyperoptic will be able to offer their 1gbps fibre broadband services to more than 500, 000 UK homes and businesses within the next five years.

Three non-executive directors will be joining Hyperoptic’s board to help oversee their planned expansion program with two of them representing Soros Fund Management.

PHOTO : Getty

 

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