Altafiber Raises $60m for Continued Fiber Network Expansion
Aug 31, 2023
CINCINNATI, Ohio – Altafiber announced today that it has raised $600 million in new funding to support the continued construction of the Company’s fiber networks throughout incumbent and expansion markets in Ohio, Kentucky, Indiana, and Hawaii. In addition to continuing to upgrade its current footprint, these new funds will enable altafiber to expand its opportunistic edge-out and community partnership strategy, delivering on its mission to provide individuals and businesses with the fastest, most reliable, future-proof fiber network while maintaining its commitment to the communities it serves.
Since the close of the “take-private” transaction in September 2021, the Company has passed ~300,000 addresses with fiber now totaling over 1.1 million homes passed with fiber. The Company expects to complete the construction of fiber to every single-family unit within Greater Cincinnati by the end of 2023. The completion of the construction of Hawaii’s statewide fiber network is expected by the end of 2027.
In combination with previously announced expansion markets, altafiber now has plans to expand its multi-gigabit fiber network to ~400,000 homes outside of its incumbent territories. These new markets include Ohio, Kentucky, and Indiana communities including, but not limited to, Butler, Warren, and Greene Counties in Ohio; Boone, Kenton, and Campbell Counties in Kentucky; and regional cities such as Greater Dayton, Dublin, Middletown, Waynesville, Xenia, Lawrenceburg, and Greendale.
“Gigabit connectivity is essential to access educational, employment, and healthcare opportunities. Robust fiber networks are also powerful economic development tools for business attraction and retention in growing municipalities,” said Leigh Fox, President and CEO of altafiber. “The combination of our operational expertise and this new funding will allow us to continue to invest in fiber, expand our geographic reach, and help to create digital equity in many rural and suburban communities.”
The equity raise was solely supported by existing investors, funds managed by Macquarie Asset Management, Ares Management, and supporting co-investors.
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