International Public Partnerships (LSE:INPP), the listed infrastructure investment company, is transferring its equity interest in toob to the company's debt holders for a de minimis amount.
toob is a fibre-to-the-premise network operator covering roughly 300,000 premises across Southampton and parts of South England, with more than 140,000 customers.
INPP had already flagged structural headwinds facing the UK's alternative network (altnet) sector and their potential adverse effect on toob's business. Following extensive discussions, the company has chosen not to commit further capital, and its investment will fall from £24.1m, or approximately 0.9% of net asset value (NAV) at 31 December 2025, to £2.6m once the transaction completes.
Despite the writedown, NAV per share guidance is unchanged, with the company still expecting NAV at 30 June to be broadly in line with or marginally higher than at 31 December 2025, as previously indicated in its June portfolio update.
INPP's other digital infrastructure holding, Community Fibre, representing 1.0% of NAV at 31 December 2025, continues to perform in line with expectations.
The company noted that its prior two investments in UK digital assets had achieved double-digit internal rates of return (IRRs), each generating significant shareholder value on exit.
