Catenaa, Friday, January 23, 2026-G.Network, a London-based fibre-to-the-premises builder, has been acquired by FitzWalter, a distressed asset investment firm, after lenders lost patience with the company’s financial performance, according to a report.
The takeover follows more than £500 million in prior funding and reflects a growing trend of loan-to-own deals in the UK telecom infrastructure sector.
Industry sources described the acquisition as aggressive, with ex-Macquarie investors moving quickly to secure the struggling altnet. G.Network’s challenges included delayed deployments and underperformance compared with competitors such as CityFibre, Hyperoptic, and Virgin Media O2.
Analysts say the deal signals a potential reassessment of fibre valuations in the UK and may accelerate consolidation in the sector.
FitzWalter, known for targeting undervalued or distressed infrastructure assets, will oversee operations while exploring options to optimize network deployment and financial structure.
The move comes amid broader investment activity in UK fibre networks, where private equity and institutional investors increasingly pursue wholesale and retail telecom opportunities.
The acquisition also highlights tensions between lenders, investors, and operators in the high-cost fibre market.
Observers note that investor patience is shortening, particularly for projects with ambitious rollout targets but constrained cash flows.
Market participants will watch closely to see whether the G.Network takeover triggers similar buyouts or restructurings among other London altnets, potentially reshaping competition and consolidation patterns in the UK broadband landscape.
