altafiber (fka Cincinnati Bell), a Cincinnati, OH-based provider of delivers integrated communications solutions, raised $600m in funding.
The equity raise was supported by existing investors, funds managed by Macquarie Asset Management, Ares Management, and supporting co-investors.
The company intends to use the funds for the continued construction of its 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.
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. altafiber 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.
Led by Leigh Fox, President and CEO, altafiber delivers integrated communications solutions to residential and business customers over its fiber-optic network including high-speed internet, video, voice and data. The company also provides service in Hawai’i under the brand Hawaiian Telcom. In addition, altafiber’s enterprise customers across the United States and Canada use CBTS and OnX, wholly-owned subsidiaries, for office communications systems and end-to-end IT solutions.
FinSMEs
30/08/2023