"Point Broadband and Clearwave Fiber are joining forces to create one of the largest independent fiber operators in the country, with operations across 12 states and fiber reaching more than 500,000 homes and businesses. Both companies have operations in the Southeast and Midwest. Clearwave's fiber assets in southern Illinois are not part of the deal. Metro Communications is purchasing those operations."
"The deal is expected to close in the first half of the year. Clearwave Fiber CEO David Armistead will serve in that role for the combined company. John Cinelli, chairman of Point Broadband's board and a founder and former CEO of Metronet, will be the chairman. "Point and Clearwave are highly aligned on building reliable, state-of-the-art fiber networks," Cinelli said in a prepared statement. "This combination positions us to lead consolidation across our footprint and accelerate toward our goal of reaching more than one million passings.""
Point Broadband and Clearwave Fiber are joining to create one of the largest independent fiber operators, with operations across 12 states and fiber reaching more than 500,000 homes and businesses. Both companies operate in the Southeast and Midwest. Clearwave's fiber assets in southern Illinois are excluded from the transaction and are being purchased by Metro Communications. The transaction is expected to close in the first half of the year. Clearwave Fiber CEO David Armistead will serve as CEO of the combined company, and John Cinelli will be chairman. GTCR and Berkshire Partners will control the combined company, and Cable One will contribute its Clearwave equity and remain a significant shareholder. Point Broadband previously upgraded fiber for customers acquired from Riviera Utilities, and prior investments from Berkshire Partners and GTCR were intended to accelerate all-fiber gigabit deployment to rural communities.
Read at Telecompetitor
Unable to calculate read time
Collection
[
|
...
]