Moorgate Advises Smartlink on Majority Investment from Recognize

Recognize, a private equity firm that invests in and builds digital services businesses, announced a majority investment in Smartlink, a nationally scaled services provider to the digital infrastructure industry.

 Founded in 2000 and headquartered in Annapolis, MD, Smartlink is a digital infrastructure partner for carriers, hyperscalers, data center operators, fiber providers, and tower owners. The company serves customers across all 50 states, executing programs across the digital infrastructure lifecycle, from real estate and engineering through deployment, integration, and long-term maintenance. Over the past 25 years, Smartlink has built a national platform with the people, experience, and operational discipline to execute complex infrastructure programs at scale. As investment accelerates across AI, data centers, edge computing, and next-generation connectivity, Smartlink is helping customers build, operate, and maintain the critical infrastructure that powers the digital economy.

 Jason Campbell, Chief Executive Officer of Smartlink, said, "We are excited about our new partnership with Recognize, whose team understands the opportunity in front of us. We believe their expertise and experience in digital services make them an ideal partner in our next phase of growth. Together with Recognize, we'll continue investing in our people, capabilities, and customer relationships so we can help build and maintain the digital infrastructure that will power the next generation of connectivity."

 Mike Grady and Will Weimar at Recognize said, "Smartlink has done a tremendous job carving out a valuable role within the digital infrastructure space. We think Jason and the rest of the Smartlink management team have positioned the business well to benefit from the generational infrastructure buildout occurring as AI adoption necessitates increased wireless connectivity and data center footprints. They have built a scalable, tech-enabled platform with proprietary IP around data center asset tracking, and we are excited to continue investing behind technology differentiation and rapid organic growth. We will also be looking for highly strategic acquisitions in new verticals, services and geographies to expand on the Company's strong foundation."

 Moorgate Securities, LLC served as exclusive financial advisor to Smartlink and Benesch Law served as legal advisor to Smartlink.

 About Moorgate Capital Partners

Moorgate Capital Partners, LLC ("Moorgate") offers independent advisory services across the private and public markets, including mergers & acquisitions, divestitures, capital raises, and general strategic advisory and is focused on the digital infrastructure, communications, and digital & traditional media industries.  Moorgate has offices in New York City and San Francisco.

Digital Realty Announces Acquisition of Columbia Capital

Digital Realty, the world’s largest cloud- and carrier-neutral data center platform, today announced a series of transactions that together bolster the company’s three core pillars of growth: (i) expansion of its hyperscale data center development capacity through the acquisition of a new powered land site in the Kansas City metro, (ii) growth of its colocation and connectivity portfolio through the purchase of certain minority shareholder stakes in Teraco, and (iii) further scaling of its Strategic Private Capital platform through the acquisition of Columbia Capital a leading investment firm in the digital infrastructure space.

Expansion into Kansas City Market
Digital Realty has acquired approximately 1,440 acres of land at Astra Enterprise Park, located near Kansas City to support hyperscale data center development for approximately $475 million(1) in cash and common units in its operating partnership. The acquisition marks an entry into a Top 30 U.S. metro with fast-growing technology sector exposure, ample utility and telecommunications infrastructure, and strong connectivity fundamentals. According to datacenterHawk, the Kansas City metro is the 7th largest data center market in the U.S., when including capacity that is currently under construction and in planning.

Increase in Teraco Ownership
As part of the continued investment in its colocation and connectivity platform, Digital Realty is increasing its ownership interest in Teraco, Africa’s leading data center platform, to 77% through the acquisition of shares from certain minority shareholders. Digital Realty will purchase the 16% stake for approximately $650 million(1), principally via the issuance of 3.4 million shares of common stock.

Teraco represents a key component of Digital Realty’s global colocation and connectivity footprint, with a portfolio of highly connected, network-dense campuses serving a growing base of customers across the EMEA region.

Acquisition of Columbia Capital
Digital Realty plans to acquire Columbia Capital for approximately $485 million(1), principally through the issuance of 2.3 million shares of common stock, with a lockup that releases over a multi-year period and an earnout that is subject to certain performance hurdles. Founded in 1989, Columbia Capital is focused on the communications,   technology and digital infrastructure space, with over $9 billion in fund commitments from hundreds of investors, including sovereign wealth funds, pension funds, insurance companies, endowments and other institutional investors.

The acquisition will accelerate Digital Realty’s Strategic Private Capital platform and provides increased expertise and visibility into adjacent digital infrastructure sectors. Columbia Capital’s experienced investment team and established portfolio complement Digital Realty’s global operating platform and will strengthen investment capabilities to take advantage of the expanding AI infrastructure ecosystem.

Columbia Capital and Digital Realty have collaborated on multiple digital infrastructure projects. Columbia is a long-time co-investor in Teraco whose involvement predates Digital Realty’s acquisition of a majority interest in August 2022. The two companies have also partnered through Vela Infrastructure, a subsea cable landing station developer.

The Teraco and Columbia Capital transactions are expected to close in the second half of 2026 and remain subject to customary closing conditions.

Grain Management Announces Strategic Combination of Ritter Communications and Great Plains Communications to Form Rightfiber

Grain Management, a leading private investment firm focused on digital infrastructure and communications, today announced plans to combine two portfolio companies — Jonesboro, Arkansas-based Ritter Communications and Blair, Nebraska-based Great Plains Communications — under one new organization and brand: Rightfiber.

The strategic combination brings together two highly respected telecommunications providers with more than 100 years of history each, along with their commitment to expanding high-quality fiber connectivity, investing in local communities, and delivering exceptional customer experiences.

Heath Simpson, currently Chief Executive Officer of Ritter Communications, will serve as CEO of the combined company and Todd Foje, currently CEO of Great Plains Communications, will serve as Executive Chairman.

"Ritter and Great Plains share a deep commitment to customers, communities, and our amazing employees," said Heath Simpson, incoming CEO. "By coming together as Rightfiber, we are building on the strengths of both organizations to create new opportunities for growth while continuing to deliver the fast, reliable services and local relationships our customers value."

Grain has supported the significant growth of both companies through long-term investment in fiber infrastructure, operational expansion, and broadband accessibility.

"Ritter Communications and Great Plains Communications share remarkably similar values, cultures, and commitments to the communities they serve," said Todd Foje, Executive Chairman. "Together, Rightfiber will combine deep local relationships with expanded capabilities and investment to accelerate growth and continue bringing advanced fiber connectivity to underserved communities."

Together, Rightfiber will:

• Serve more than 400 communities with a network spanning 20 states,

• Connect 300,000 homes and businesses across its 28,000-mile regional fiber network,

• Continue to drive significant revenue and EBITDA growth through organic expansion and M&A,

• Be uniquely situated as a trusted partner to communities, businesses, and hyperscalers, and

• Create one of the largest privately held telecommunications platforms in the US.

The combined organization will continue operating with a strong local focus while leveraging expanded scale, resources, and infrastructure investment to support future growth. In addition, customers will continue receiving the same reliable service, local relationships, and personalized support they trust today. Both companies remain committed to maintaining strong community partnerships and continuing long-term infrastructure investment across the new service area.

The transaction remains subject to customary approvals and regulatory review.

M|C Partners Promotes Ryan Carr to Managing Partner

M|C Partners, a private equity firm focused on small and mid-size businesses in the digital infrastructure and technology services sectors, today announced the promotion of Ryan Carr to Managing Partner. 

“Ryan's promotion is a well-deserved recognition of the impact he's had at M|C,” said Gillis Cashman. “He has been instrumental to some of our most important work in residential broadband and enterprise fiber, establishing himself as a disciplined investor with a sharp instinct for these markets and a relentless focus on creating value. We look forward to Ryan’s continued leadership as a Managing Partner.”

Carr joined M|C Partners in 2016 and is focused on identifying investments in the residential and enterprise broadband sectors. He has led M|C's investments in Zentro and Celito, where he serves on the board, and holds a board seat at Access Parks. As a Managing Partner, Carr will continue to source and lead new investments across digital infrastructure while taking on broader leadership responsibilities within the firm.

Before joining M|C Partners, Carr was an Associate at MVP Capital, a boutique investment bank focused on the telecommunications, media and technology sectors, where he completed a range of financing and M&A transactions across the digital infrastructure and technology services sectors.

 About M|C Partners

M|C Partners is a private equity firm focused on small and mid-size businesses in the digital infrastructure and technology services sectors. For four decades, the firm has invested $3 billion of capital in over 150 companies, leveraging its deep industry expertise to identify long-term trends and emerging opportunities. M|C is currently investing its ninth fund, partnering with promising companies and empowering strong leaders to accelerate growth, optimize operations and build long-term value.

Greystar Infrastructure Announces Equity Recapitalization of Zentro Internet

Greystar, a global leader in rental housing, investment management, development, and property management, today announced an equity recapitalization of Zentro Internet, the largest private, multifamily-focused internet service provider in the United States, serving customers living in more than 120,000 apartment units in more than 20 cities, in support of the company’s strategic growth initiatives.

Greystar’s Infrastructure team led the deal with participation from StepStone Group and other global institutional capital partners to support Zentro’s balance sheet and to target future organic and M&A growth initiatives. 

“The investment in Zentro is a clear example of Greystar Infrastructure’s focus on partnering with experienced management teams to deploy capital in businesses with defensive infrastructure attributes that we believe will offer cash flow expansion, while also benefiting the modern living experience for residents,” said David Blackford, Senior Managing Director of Greystar Infrastructure.

The Zentro opportunity reflects Greystar Infrastructure’s thesis that long-term growth in data creation and digital connectivity will continue to enhance the value of infrastructure that supports high-bandwidth access in population centers and residential communities. 

Michael Hoverman, Executive Director of Greystar Infrastructure added, "We are grateful for the opportunity to partner with StepStone and with M|C Partners to help support the goal of growth for Zentro's business, a market leader in the provision of reliable, high-bandwidth internet service to multifamily property owners and tenants across the U.S." 

M|C Partners will maintain a strategic position in Zentro’s ownership.

“Zentro is a great example of the M|C playbook – investing in attractive businesses in niche markets, recruiting exceptional management teams, and scaling those businesses into industry-leading platforms,” said Ryan Carr, Managing Partner at M|C Partners. “We are excited to continue supporting Zentro’s growth alongside Greystar Infrastructure and the company’s management team as Zentro expands its position as the nation’s leading independent MDU internet provider.”

“We view this as a strong endorsement of our market, technology, our employees and the company by seasoned capital partners,” said Doug Gilstrap, CEO of Zentro Internet.  “I want to thank M|C Partners for their collaborative partnership since 2022, and welcome Greystar’s Infrastructure team and StepStone to Zentro. This capital will fuel geographic expansion of our network, customer base, and team — all while maintaining the local service quality of one national platform.” 

About M|C Partners
M|C Partners is a digital infrastructure and technology services specialist applying a thesis-driven approach to investing in businesses that provide mission-critical services in markets supported by durable tailwinds. With 40 years of history, more than $3 billion in capital raised, and over 150 investments completed, M|C Partners brings deep sector expertise and a proven track record of scaling businesses into industry-leading platforms.

T-Mobile Strengthens Next-Generation Broadband Portfolio with Two Strategic Fiber Partnerships

T-Mobile today announced it has entered into definitive agreements to form two strategic fiber joint ventures (JVs): a 50/50 partnership with Oak Hill Capital to acquire and combine GoNetspeed and Greenlight Networks, and a separate 50/50 joint venture with Wren House to acquire i3 Broadband. The transactions expand T-Mobile’s fiber footprint to bring fast, reliable internet to more than 1 million additional homes nationwide.

T-Mobile’s approach to broadband is simple: deliver the best product, at the best value with the best experience all on the best network. This strategy has made T-Mobile the nation’s leader in fixed wireless access, with 5G broadband leading the industry in growth for four consecutive years. At the same time, T-Mobile is rapidly scaling fiber as a complementary part of its broadband portfolio. Through wholesale partnerships and capital-efficient joint ventures, the company has quickly grown to serve approximately 1 million customers with ultra-fast fiber in just two years.

“These partnerships are about expanding access to high-performance fiber for more customers,” said André Almeida, Chief Broadband, Enterprise and Emerging Business Officer at T-Mobile. “We’ve built strong momentum in fiber, and these JVs allow us to scale faster by combining leading fiber operators with T-Mobile’s brand, distribution and customer experience to meet growing demand for fast connectivity options.”

Building on a Proven Fiber Model

Consistent with this strategy, T-Mobile today announced two new joint ventures that will further expand its fiber footprint:

• JV with Oak Hill Capital for GoNetspeed & Greenlight Networks
  T-Mobile and Oak Hill, a private equity firm with deep digital infrastructure experience, have agreed to form a 50/50 JV through which T-Mobile will acquire a 50% stake in a joint venture integrating two of Oak Hill’s existing fiber portfolio companies, GoNetspeed and Greenlight. The businesses will expand T-Fiber by T-Mobile to residential customers across attractive markets primarily in the Northeastern U.S. with a current presence in states including Connecticut, Maine, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, and Rhode Island. The combined platform is expected to pass over 1.3 million households by the end of 2026.

• JV with Wren House for i3 Broadband
  In a separate transaction, T-Mobile will form a 50/50 JV with global infrastructure investor Wren House to acquire i3 Broadband, a high-quality fiber-to-the-premises (FTTP) provider serving residential customers. The partnership brings i3 Broadband into T-Mobile’s growing fiber portfolio, adding another scalable FTTP platform backed by strong operational expertise and long-term infrastructure capital. i3 Broadband is expected to pass approximately 500 thousand households by the end of 2026, across current markets including those in Missouri, Illinois and Rhode Island.

Expanding T-Mobile’s Broadband Leadership

These investments build on T-Mobile’s strategy to expand its broadband reach by combining its leading 5G broadband offering with a rapidly growing fiber footprint. While 5G continues to serve as a key growth engine, fiber adds multi-gig speeds and incremental capacity in targeted markets – enabling T-Mobile to offer more connectivity options to more customers. Through these joint ventures, T-Mobile pairs its national retail scale, powerful brand and award-winning customer experience with the proven fiber build capabilities of GoNetspeed, Greenlight and i3 Broadband, alongside experienced digital infrastructure investors Oak Hill and Wren House. Similar to T-Mobile’s existing fiber JVs, these companies will operate under wholesale models designed to scale efficiently while enabling the Un-carrier to deliver its differentiated value proposition – simple plans, transparent pricing and no annual service contracts, all backed by a brand known for putting customers first. Together, these transactions mark continued progress toward T-Mobile’s long-term broadband ambitions, adding incremental scale beyond T-Mobile’s existing path to serving 18 to 19 million total broadband customers by the end of 2030, including 3 to 4 million fiber customers.

“We have enjoyed Oak Hill’s partnerships with GoNetspeed and Greenlight and are tremendously proud of the growth we have achieved together with Richard Clark, Mark Murphy, and their respective teams,” said Scott Baker, Managing Partner at Oak Hill. “We are excited to partner again with T-Mobile in this new joint venture that builds on our shared conviction in the expansion of high-quality digital infrastructure and in the importance of excellence across network, product, value and customer experience. By leveraging T-Mobile’s capabilities, we believe that GoNetspeed and Greenlight are positioned to accelerate fiber-to-the-premises construction and to deliver reliable, high-speed connectivity to even more underserved communities across the Northeastern and mid-Atlantic U.S.”

Philippe Busslinger, CEO of Wren House, said, "We are proud that i3 Broadband has developed into a strong, scalable platform with real momentum, driven by the vision and execution of Paul Cronin and his leadership team. This is underscored today by T‑Mobile’s decision to include i3 as one of a limited number of businesses it partners with. We look forward to a successful partnership with T‑Mobile and the i3 leadership team to dramatically scale i3 Broadband for the benefit of the communities in which it operates."

Transaction Details

The transaction with Oak Hill is expected to close in 1H 2027, at which time T-Mobile expects to invest approximately $2.0 billion to acquire a 50% equity interest in the JV and substantially all existing residential fiber customers. The transaction with Wren House is expected to close in 2H 2026, at which time T-Mobile expects to invest approximately $700 million to acquire a 50% equity interest in the JV and substantially all existing residential fiber customers. The closing of these transactions are subject to customary closing conditions and regulatory approvals.

Together, these joint ventures mark another step in T-Mobile’s continued long-term broadband expansion, strengthening its ability to deliver more choice and better connectivity to customers nationwide.

NOVA Infrastructure Exceeds Target and Raises $1.45 Billion in Aggregate Capital Commitments for NOVA Fund II

NOVA Infrastructure, a middle-market-focused infrastructure investment firm, announced that it held a final close of its second managed fund, NOVA Fund II (“NOVA II” or “The Fund”). NOVA secured a total of $1.45 billion of aggregate capital commitments, exceeding NOVA II’s target by more than 30 percent and more than doubling the amount raised in NOVA’s inaugural fund, NOVA Fund !, which closed in 2022.  

“We believe the successful close of NOVA Fund II above our target reflects strong investor confidence in our investment strategy and approach,” said Chris Beall, Founder and Managing Partner of NOVA. “We are grateful for the continued support from so many of our limited partners and are pleased to welcome new investors to NOVA.”

NOVA II continues NOVA’s strategy of focusing on value-added, middle market infrastructure investments in North America, targeting operating businesses in the environmental services, transportation, energy and energy transition, and digital infrastructure sectors. The Fund has made two platform investments to date, which include DartPoints, a provider of enterprise data centers, and UGE International, a community solar and battery storage business. NOVA currently expects to deploy Fund II across 10-12 total investments among its target sectors primarily in North America.

The Fund received commitments from a diverse group of leading US and international investors, including pensions, insurance companies, consultants, registered investment advisers, and family offices. In addition to the very high reup rate from NOVA Fund I, NOVA II closed investors in new jurisdictions throughout North America, Europe, Asia, and the Middle East, with US sovereign and pension capital accounting for more than half of NOVA II’s capital commitments.  

“Our focus on real assets in the lower mid-market and our investment approach resonated with investors throughout the fundraising process,” said Allison Kingsley, Founder and Partner at NOVA. This achievement is a true testament to the hard work and dedication of our experienced and growing team.”

Lazard acted as NOVA’s placement agent for Fund II. Jones Day served as global fund counsel on NOVA Fund II’s structuring and offering.  

About NOVA Infrastructure

Founded in 2018, NOVA Infrastructure is a value-added, middle market infrastructure investment firm focused on North America. NOVA seeks to make investments which emphasize the downside protection features of the infrastructure asset class with operationally focused, value-added upside strategies. NOVA targets investments in environmental services, transportation, energy and energy transition, and digital infrastructure sectors. 

Hunter Communications Completes Acquisition by Oak Hill Capital to Accelerate Fiber Expansion Across Oregon

Hunter Communications, Oregon's largest privately owned fiber-optic internet provider, today announced the completion of its previously announced acquisition by Oak Hill Capital, a thematic, middle-market private equity firm.

As part of this new partnership, Hunter expects to accelerate the expansion of its 100% fiber network to serve more homes, businesses, and enterprise customers across Oregon and Northern California, supported by significant capital from Oak Hill. The Company plans to grow in both existing and new markets, including Salem, Eugene, and southern Oregon. Hunter will also continue delivering its commercial and enterprise services, including dedicated fiber connectivity and hosted voice solutions.

"Access to fast, reliable, affordable, and safe internet is more important than ever," said Michael Wynschenk, CEO of Hunter Communications. "Partnering with Oak Hill allows us to build on our momentum, expand our network faster, and reach more communities—while continuing to deliver high-quality service at a fair price. It's why our Google score is 4.8 out of 5, among the highest of internet service providers."

"Hunter has a strong track record of delivering high-quality fiber services across Oregon," said Jeff Butler, Principal at Oak Hill. "We look forward to supporting Michael and the team as they expand access to reliable, high-speed internet to more communities."

Salem is a key focus as Hunter increases investment in Oregon's capital city, with construction already underway to expand fiber access for residential, commercial, and government customers. Additional buildouts across Oregon and Northern California are expected to deliver multi-gig symmetrical speeds, low latency, and high reliability to support both everyday connectivity and enterprise-level needs.

The expanded network should introduce enhanced multi-gig services, with symmetrical speeds up to 8 Gbps in select markets, supporting growing demand for high-performance connectivity. As deployment accelerates, Hunter expects to create new jobs across the state, supporting roles in construction, network operations, and customer service, while expanding access to critical digital infrastructure.

Headquartered in Medford, Oregon, Hunter serves nearly 35,000 customers across communities including Medford, Grants Pass, Klamath Falls, Eugene, Salem, McMinnville, and parts of Northern California, and employs over 260 people statewide. Hunter is also an active member of the community, participating in the Oregon Lifeline Program and offering discounts for veterans, military families, and K–12 teachers.

GFiber and Stonepeak’s Astound to combine, creating a leading independent broadband provider

GFiber (formerly Google Fiber) and Stonepeak today announced that they have entered an agreement to combine GFiber with Astound Broadband, creating a leading independent fiber provider. The new company will be majority owned by Stonepeak, an investment firm specializing in infrastructure and real assets. Alphabet will remain a significant minority shareholder, reflecting its confidence in GFiber’s growth opportunity and leadership.

The combined business will be led by the existing GFiber executive team, utilizing their expertise in high-speed fiber innovation to manage the combined network footprint. The combination of GFiber’s high-growth metropolitan networks with Astound’s established infrastructure, team and capabilities creates a highly complementary, national network platform.

This agreement advances GFiber’s mission of redefining internet connectivity and represents a major step toward its goal of operational and financial independence. GFiber will have the external capital and strategic focus needed to accelerate its next phase of growth, expanding its customer-first approach and pioneering fiber technology across the country.

“Building on GFiber’s success as a leading independent US fiber internet provider, this is an exciting next phase of their growth,” said Ruth Porat, President & Chief Investment Officer, Alphabet and Google. “GFiber will now have the opportunity to provide better internet access to more communities across the country as they combine with Stonepeak’s Astound business, while continuing to provide their award winning customer experience.”

“GFiber has always been about pushing the boundaries of what’s possible for internet speed and service,” said Dinni Jain, GFiber CEO. “This partnership with Astound and Stonepeak is the next step in our decade-long mission to redefine what customers can expect from their internet provider. It’s a strategic opportunity to scale our customer-focused approach to connect more households to a truly different type of internet service.”

“We are excited to be working with GFiber and Alphabet on this transaction,” said Andrew Thomas, Senior Managing Director at Stonepeak. “This partnership will be transformational for the businesses, with GFiber and Astound’s complementary networks and extraordinary teams enabling the combined company to better serve millions of customers and the demand for a next generation network and ubiquitous connectivity. Stonepeak has a strong track record of building world-class digital infrastructure and we look forward to supporting the company with Alphabet as a co-investor.”

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in Q4 of this year.

Armstrong Enters into Definitive Agreement to Acquire MCTV

Armstrong and Massillon Cable TV, Inc. (MCTV) announced today that they have entered into a definitive purchase agreement for Armstrong to acquire MCTV and bring together two exceptional family-owned companies.

The addition of MCTV will expand Armstrong’s scale and footprint in the Ohio and West Virginia regions. This combination will unite two customer-focused providers with a shared mission: expanding access to fast, reliable connectivity while making sustained investments in local communities.

“We could not be more pleased to be welcoming MCTV customers and employees to the Armstrong family,” said Dru Sedwick, Armstrong Group CEO. “The joining of these two companies is something that makes perfect sense. We continue to believe strongly in this industry.”

"We will add more than 96,000 passings to the Armstrong footprint, which means more homes and businesses across six states will have access to our premier fiber network," said Jeff Ross, President of Armstrong. "MCTV's operations in Massillon, Wooster, and along the Ohio-West Virginia border complement our existing footprint perfectly. MCTV has made significant investments in fiber-to-the-home technology and is nearing completion of its network transformation, positioning the combined company for continued growth and innovation."

Armstrong is widely recognized for its customer-first philosophy, innovative technology, and commitment to bridging the digital divide, making it an ideal successor to MCTV.

“This decision was driven by our desire to ensure a strong, sustainable future for our employees, customers, and community. We’ve served our communities well for 60 years, and it’s time to pass the torch,” said Katherine Gessner, President of MCTV. “I’m confident that Armstrong will not only preserve MCTV’s legacy but will build on it. Armstrong holds dear many of the same values as MCTV, including reliable service, excellent customer service, and involvement in the communities it serves.”

The proposed transaction is subject to certain regulatory approvals and customary closing conditions and is expected to close in the second quarter of 2026.

Moorgate Securities LLC served as exclusive financial advisor, and Buckingham, Doolittle & Burroughs, LLC served as legal counsel to MCTV in connection with the transaction. Reed Smith LLP served as legal counsel to Armstrong.