Lightower Fiber Networks agreed to acquire Fibertech Networks, a leading provider of fiber-optic based network services throughout mid-size cities in the eastern and central regions of the United States, for $1.9 billion in cash.
The combined company will own and operate over 30,000 route miles of fiber network providing access to nearly 5,000 wireless towers and almost 13,000 on-net service locations, including commercial buildings, data centers, financial exchanges, content hubs and other critical communications facilities.
Lightower’s existing financial backers, Berkshire Partners, Pamlico Capital and ABRY Partners, will each provide additional equity to support the transaction.
“The combination of Lightower and Fibertech is a win for customers by enabling us to serve more locations, across a wider area, and with more service options – all with the same superior level of reliability and customer support,” stated Rob Shanahan, CEO of Lightower. “Lightower and Fibertech have built distinct networks in their respective regions that will be very complementary when merged. In addition, we plan to continue to invest capital in these regions for additional network expansion.”
“This merger between our two high growth companies is a very positive development for both organizations, both customer bases and both sets of employees,” said John Purcell, CEO of Fibertech. “Bringing together these two talented teams under an integrated leadership group will be a great cultural fit, while also broadening opportunities and career growth for employees.”
http://www.lightower.com/company/news/press-releases/lightower-fiber-networks-to-merge-with-fibertech-networks/#.VT8N2CH484k
