Lightower Fiber Networks, a fiber network provider headquartered Boxborough, Massachusetts, has completed its $1.9 billion acquisition of Fibertech Networks. The combined company will operate under the Lightower brand and serve customers across a service footprint roughly double the size of each independent company.
The expanded service area of Lightower Fiber Networks now blankets the Northeast, Mid-Atlantic, and Midwest regions of the United States. The new Lightower Network offers more than 30,000 route miles of fiber providing access to more than 15,000 service locations, including over 250 data centers, 500+ telco hotels and central offices, 40 financial exchanges, and more than 5,000 wireless towers.
“Lightower is now the leading all-fiber provider from Illinois, to Massachusetts, to North Carolina, covering an area of the country with over 40% of the U.S. population,” said Rob Shanahan, President & CEO of Lightower. “This merger accelerates Lightower’s ongoing expansion strategy and positions us as the premier solution provider in 6 of the nation’s top 11 metro markets.”
The transaction, valued at $1.9 billion, was funded through a combination of equity and debt. Lightower Fiber Networks‘ existing financial backers, Berkshire Partners, Pamlico Capital and ABRY Partners, each provided additional equity to support the transaction. Further details of the financial transaction were not disclosed.
“This strategic merger was a natural fit for both networks and both companies,” added Mr. Shanahan. “Both companies have deep roots in customer-first cultures, which are reflected in service that is second to none in our industry. Of course, superior customer service would not be possible without the most passionate and dedicated employees in the business.”