International Public Partnerships Limited (LON:INPP), the listed infrastructure investment company, has announced the following update regarding its investment in toob.
toob is a fibre-to-the-premise network operator which has built its own network principally across Southampton and parts of South England, covering c.300,000 premises with over 140,000 customers.
INPP has previously highlighted the structural headwinds the UK’s altnet market is facing and its potential material adverse effect on toob’s business. Following extensive discussions, the Company has elected not to commit further capital to toob and subject to final terms, will transfer its equity interest to the debt holders for a de minimis amount (from £24.1m or c.0.9% of NAV at 31 December 2025). Following the completion of the transaction the Company’s remaining exposure in toob will be £2.6m, being an investment ranking pari passu with senior debt funding. As per the agreement with the debt holders, INPP will retain an entitlement to share in any future value realised upon a sale of toob.
Notwithstanding this transaction, and as previously noted in the portfolio update published in June 2026, the Company’s NAV per share guidance is unchanged and is expected to be broadly in line or marginally higher at 30 June 2026 when compared to 31 December 2025.
The performance of INPP’s other digital infrastructure investment, Community Fibre (1.0% of NAV as at 31 December 2025), continues to be in line with expectations. The Company’s prior two investments in the UK digital assets achieved double digit IRRs, each generating significant shareholder value on exit.
