CityFibre Set to Secure Close to £2 Billion for Fiber Rollout

CityFibre is nearing an agreement for about £2 billion ($2.7 billion) in fresh capital in a round that will help the fiber company continue operating and expand its reach, according to people familiar with the matter.

The funds from existing investors and lenders include roughly £500 million in equity and a new “accordion” facility that will let CityFibre tap an additional £500 million under certain conditions, the people said, asking not to be identified because the details aren’t yet public. The rest of the funds include about £1 billion debt, they said.

CityFibre had previously said it needed at least ...