March 9, 2018 / 8:45 PM / 12 days ago

Britain's M&G infrastructure fund proposes buying broadband firm Gigaclear

March 9 (Reuters) - The infrastructure fund of British asset manager M&G Investment Management Ltd said on Friday it had offered to buy rural broadband provider Gigaclear Plc in a deal valued at about 270 million pounds ($374 million).

Investors in Gigaclear would receive 400 pence in cash for each share they held, representing a 23 percent premium to their most recent fund raise, Infracapital said in a statement.

Infracapital, which owns about 43 percent of Gigaclear’s issued shares, said it had already received a letter of intent to accept its offer from the fibre network company’s second biggest investor, Woodford Investment Management.

Railway Pension Trustee Co Ltd, which owns about 15.9 percent of the privately held company, decided not to accept Infracapital’s offer.

$1 = 0.7224 pounds Reporting by Ismail Shakil in Bengaluru Editing by Edmund Blair

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