UK network operator and ISP G.Network has been acquired by FitzWalter Capital.

As reported by the Financial Times, the sale was triggered by G.Network’s lenders, citing “people familiar with the matter.”

Meanwhile, in the US, ISPs Point Broadband and Clearwave Fiber have announced plans to merge in order to form an independent fiber operator.

G.Network sold

According to ISPreview, G.Network had been looking to sell for some nine months prior.

Founded in 2016, G.Network’s network spans some 420,000 homes in London, but has just 25,000 customers and, according to Enders Analysis estimates, around £300 million ($405.86m) in debt.

Its shareholders include USS and Cube Infrastructure Managers, and creditors include NatWest, Investec, and Santander, the latter three of which are expected to suffer writedowns on their networks, says the FT.

The debt has been built up through heavy costs related to digging up streets to lay fiber cables in the UK’s capital city. Shareholder USS had previously asked G.Network to find a buyer in 2024, according to the FT, but failed to generate interest.

James Ratzer, analyst at New Street Research, said: “Given the company’s losses, it is hard to see an obvious standalone business case. We presume the buyer is a short-term holder and would be keen to sell to another provider as soon as possible.”

G.Network, USS, FitzWalter Capital, Cube, Investec, and NatWest declined to comment to the FT, while Santander did not immediately respond to a request for comment.

Altnets in the UK have faced various challenges. Until 2024, the companies were not allowed to replace existing copper drop wires with fiber and were forced to rely on the incumbent’s engineers. Openreach later granted them a limited ability to use their own engineers for the work, and in early 2025, the altnets were called to stop digging and start stuffing fiber into abandoned gas and water pipes to save costs.

In October, around 20 altnets in the UK announced a new infrastructure sharing venture, which it stated would complement Openreach’s Physical Infrastructure Access (PIA) framework, and hoped to help improve ROI for the sector.

Despite this, the sector remains heavily indebted, with the FT suggesting that analysts believe the latest acquisition of G.Network could be the first sign of mounting pressure.

FitzWalter has previously invested in FWCAS, Onyx CenterSource, Peridot Solar, and Advanced Utility Networks.

Point Broadband and Clearwave Fiber merge businesses

Across the pond, US fiber operators Point Broadband and Clearwave Fiber have announced that they will combine their operations into a single independent provider.

The new ISP will operate across 12 states and have fiber reaching more than 500,000 homes and businesses.

The transaction includes all Clearwave assets, barring those in Southern Illinois, which are being purchased instead by Metro Communications.

Point Broadband was founded in 2017 and covers 10 states in the Southeast and Midwest. The company is backed by GTCR and Berkshire Partners. Clearwave was formed in 2022 as a result of a joint venture between Cable One, GTCR, The Pritzker Organization, and Stephens Capital Partners and is headquartered in Savannah, Georgia. The company similarly serves the Southeast and Midwest.

“This transaction brings together two complementary fiber businesses,” said David Armistead, incoming CEO of the combined Company. “With increased scale and density in our core geographies, we will accelerate fiber deployment while remaining focused on providing a world-class experience for each and every one of our customers.”

“Point and Clearwave are highly aligned on building reliable, state-of-the-art fiber networks,” added John Cinelli, chairman. “This combination positions us to lead consolidation across our footprint and accelerate toward our goal of reaching more than one million passings.”

The transaction is expected to close in the first half of 2026. Houlihan Lokey served as financial advisor, and Kirkland & Ellis LLP served as legal counsel to Point Broadband. Morgan Stanley & Co. LLC served as financial advisor to GTCR and Berkshire Partners. Bank Street Group served as lead financial advisor, J.P. Morgan and Truist Securities served as financial advisors, and Latham & Watkins LLP provided legal counsel to Clearwave Fiber. Cravath, Swaine & Moore LLP provided legal counsel to Cable One.