Weil has advised Oaktree on the merger of its portfolio company Zzoomm with FullFibre, together creating one of the largest full fiber footprints with some 600,000 properties ready for service and over 65,000 customers.

The merged entity combines two complementary networks and operating models. This will create significant opportunities to accelerate customer growth across a larger footprint, secure funding for new builds and future mergers, and achieve greater operational and financial efficiencies through economies of scale. Additionally, the partnership will enhance wholesale services for internet service providers (ISPs), unlocking valuable new revenue streams.

Zzoomm is an established and rapidly growing full fiber network operator, providing Fibre to the Premises (FTTP) to underserved market towns where there is minimal or no existing access to a full fiber network. FullFibre, backed by funds managed and advised by Basalt Infrastructure, is a wholesale network operator with 400,000 ready for service premises providing FTTP services through a growing list of ISP partners, including its own in-house ISP BeFibre.

Closing is subject to customary regulatory approval and is expected in Q1 2025.

The Weil team was led by Private Equity partner James Harvey, assisted by associates Arisa Manawapat, Priya Shah and Max Arundel; Tax partner Oliver Walker, counsel Ellie Marques and associate Anna Ritchie; and Antitrust partner Neil Rigby and associate Patrick May.