Zentro and BAI Connect Merge to Create Leading Multifamily ISP

Zentro and BAI Connect, two of the country’s fastest-growing providers of bulk high-speed internet to multifamily communities, today announced a strategic merger under the shared ownership of M/C Partners, a leading private equity firm focused on communications infrastructure and services.

This merger brings together two high-performing regional providers into a unified organization operating under the Zentro brand. With a complementary geographic footprint, deep technical expertise in MDU internet engineering, and a shared commitment to customer service, the new Zentro becomes one of the largest independent providers of symmetrical multi-gigabit internet to multifamily properties across the United States.

“This is more than a merger - it’s a strategic alignment of two leading MDU-focused ISPs,” said Doug Gilstrap, CEO of the combined company. “Together, we’re creating a scalable platform that meets the growing needs of property owners, developers, and residents with a future-ready network, superior local service, and a customer-first approach. In addition, our framework sets the foundation to efficiently support future growth through strategic acquisitions.”

The combined company now serves over 100,000 residents and 2,000+ properties across key metros including Chicago, Los Angeles, Atlanta, Detroit and Dallas and 10 more major metro markets.

The combination creates greater scale to leverage Zentro’s hybrid fiber infrastructure, streamline operations, and accelerate the rollout of next-generation services - including symmetrical 10 Gig internet and Zentro Managed Wi-Fi, an all-in-one solution delivering high-speed connectivity and IoT support tailored for today’s multifamily communities.

“Internet is not just a utility - it’s a core decision driver for prospective residents and a differentiating amenity for ownership,” said Ryan Carr, Partner at M/C Partners. “By combining these two standout providers that have established leadership in their respective markets, we’ve created a company with deep expertise in a growing category and positioned them to take the lead. This is a specialized market with unique needs that the combined management team understands better than anyone.”

BAI Connect will transition to the Zentro brand over the coming months. In the meantime, the combined team has begun delivering coordinated client solutions and support under a unified strategy.

Twin Investments by Oak Hill Capital and Pamlico Capital Signal New Firm

Oak Hill Capital and Pamlico Capital celebrated the start of the summer season with investment announcements in IdeaTek and Socket Telecom, service providers headquartered in Kansas and Missouri, respectively, and the combination of the two companies into a single entity.

The new company will be headed by Jim Gleason, who most recently was CEO of Vexus Fiber. The goal is for the combined company to pass more than 500,000 homes in the Midwest by 2028.

Oak Hill Capital, which describes itself as a “thematic, middle-market private equity firm,” and Pamlico Capital combined on both investments. The IdeaTek investment aims to deploy networks across Kansas. Current IdeaTek investor TPG Peppertree will sell its stake to the two companies and make a new investment in conjunction with the two firms.

The two companies also jointly invested in Socket Telecom. Initially, the investments will be used to bring broadband infrastructure to Webb City, Odessa, Eureka, Nevada, and Harrisonville.

“We are thrilled to invest in partnership with Oak Hill in building upon Socket’s and IdeaTek’s established track records,” Andrew Tindel, a Pamlico partner, said in a press release.

“We have enjoyed a successful, long-term partnership with Jim Gleason and his experienced operating team building a number of broadband infrastructure businesses over the past 20 years. We are excited to partner again with him and the talented existing Socket and IdeaTek teams to expand the companies’ footprints and serve the attractive market opportunity in the Midwest.”

The relationship between Oak Hill Capital, Pamlico Capital, and Vexus Fiber is well established. In February 2022, for instance, Vexus Fiber— which served Texas, Louisiana, and New Mexico — said it would bring broadband to almost 25,000 homes and businesses in Alexandria and Pineville, Louisiana. The initiative was based on financing from Pamlico Capital and Oak Hill Capital, which already were Vexus Fiber investors.

In May 2021, Vexus Fiber — which formerly was NTS Communications — said it would use a $50 million investment from Pamlico Capital and Oak Hill Capital to build a network reaching about 40,000 homes and businesses in Tyler, Texas.

Power Sustainable Closes CAD$110m Term Loan Investment in telMAX

Power Sustainable Infrastructure Credit ("PSIC") recently closed on a CAD $110M senior secured financing for telMAX (the "Company"), a 100% fibre optic internet, phone and TV provider, based in Ontario, Canada. The credit facility will support the expansion of telMAX's multi-gigabit broadband network throughout the Greater Toronto Area ("GTA").

telMAX has a demonstrated track record of executing on its fibre build plan via a rigorous and disciplined approach to market selection and construction. The Company is focused on building community partnerships and providing residents across the GTA with the best internet experience possible. The investment will fund telMAX's near-term expansion and establish the Company as a leading high speed broadband provider in the GTA.

Ben Shenwick, Principal at PSIC, said, "We are excited to partner with telMAX and their exceptional management team as they embark on this next chapter of growth and continue to establish themselves as an industry leader within the Canadian market. We firmly believe fibre is the most energy efficient way of delivering internet, and we look forward to supporting telMAX as they execute on their first-to-market fibre optic build plan with an emphasis on community engagement."

Launched in 2023, PSIC is a CAD 1.0B1platform that has now completed six transactions across North America. The strategy aims to provide creative and highly tailored financing solutions to exceptional companies and management teams across infrastructure sectors including energy and decarbonization, transportation and logistics, digital, social, and utilities and recycling.

"This financing supports telMAX's ongoing footprint expansion and is a strong endorsement of our business strategy and our customer growth trajectory, enabling telMAX to bring Canada's fastest all-fibre internet service to more communities in the Greater Toronto Area," said Michael Strople, CEO of telMAX. "We look forward to our partnership with Power Sustainable and embarking on the next phase of the telMAX growth story together."

Orrick, Herrington & Sutcliffe LLP served as New York legal counsel and Osler, Hoskin & Harcourt LLP served as Canadian legal counsel to PSIC. Bank Street Group LLC served as exclusive financial advisor, Vinson & Elkins LLP served as New York legal counsel and Bennet Jones LLP served as Canadian legal counsel to telMAX.

OpticalTel Transforms into Fibernow, Strengthening Commitment to Advance Cutting-Edge Fiber Technology and Excellent Customer Service

OpticalTel, a leading provider of fiber-based broadband, cloud-based video, and digital telephone services, is excited to announce its official rebrand to Fibernow. This marks a major step in the company’s evolution, reinforcing its dedication to delivering innovative technology, outstanding fiber products, and outstanding customer service.

The rebrand underscores Fibernow’s mission to empower and inspire the customers it serves by providing world-class fiber connectivity. With an emphasis on bridging the digital divide, fostering local economic growth and promoting sustainability, Fibernow is at the forefront of driving innovation in an increasingly connected world. As demand for faster and more reliable internet accelerates, this opportunity allows Fibernow to continue its pursuit of offering enhanced technology, increased speeds, expanded coverage, and a customer-centric service experience.

The company’s new tagline, "Innovation That Inspires, Connections That Empower," encapsulates its dedication to connecting people, communities, and businesses through seamless, innovative digital solutions.

The rebrand also accelerates Fibernow’s network expansion across Florida and beyond, backed by an investment affiliate of DigitalBridge Group, Inc., a global leader in digital infrastructure. This partnership combines Fibernow’s fiber expertise with DigitalBridge’s investment and operational leadership to drive robust network growth across the state.

Founded in 2004, Fibernow has made significant strides in expanding high-speed connectivity and fostering local economic growth. The company specializes in providing high-quality fiber broadband, cloud-based television and digital telephone services to a wide-range of customers from homeowners associations (HOAs), residential communities, student housing, assisted living facilities and businesses.

"We are thrilled to introduce Fibernow, marking a significant step forward in how we connect and serve our valued customers," said Luis Rodriguez, CEO of Fibernow. "This rebrand emphasizes our unwavering commitment to delivering state-of-the-art fiber technology, enhanced by personalized, concierge-level customer service, as we continue to empower meaningful connections and experiences."

"We are excited to support Fibernow in its mission to deliver high-quality broadband to communities and businesses across Florida," said Jonathan Friesel, Managing Director and Head of Fiber at DigitalBridge. "With decades of experience and a strong reputation, the Fibernow team has consistently demonstrated its ability to deliver top-tier service. We know that Fibernow’s services are essential to its customers, we intend to assertively invest in the best technology and people to enable Fibernow to provide world-class service to an ever-growing number of customers throughout Florida and beyond."

Liberty Latin America Completes Acquisition of Echostar’s Mobile Spectrum and Pre-paid Subscribers in Puerto Rico and the USVI

Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) announced on September 4th that it has closed the transaction to acquire EchoStar’s (SATS) spectrum assets in Puerto Rico and the USVI as well as approximately 85,000 pre-paid mobile subscribers. This follows a review by the United States Department of Justice Antitrust Division and the approval by the Federal Communications Commission, which noted in its approval on August 9, 2024, that public interest benefits are likely to be realized as a result of the transaction, such as enhanced competition in Puerto Rico and the USVI.

The aggregate asset purchase price of $255 million will be paid in four annual installments commencing on the closing date, with the first installment of $95 million having been paid today. Liberty Latin America expects to fund the transaction through local liquidity sources, including cash on hand, cash generated from operations, and/or revolving credit facilities. Commenting on the acquisition, Balan Nair, President and CEO of Liberty Latin America, said, “Our strong commitment to Puerto Rico and the USVI is reflected in this deal.

By acquiring over 100 MHz of spectrum, approximately 85,000 pre-paid subscribers, and an extensive distribution network we have a tremendous opportunity to leverage our full-service products to drive fixed-mobile convergence penetration from current levels of around 25%. As we ramp up our commercial efforts, there is significant room for growth, and these assets will enable us to add more capacity, increase speeds, further strengthen our 5G mobile network, and grow our scale in the prepaid market.”

TDS Telecom to transfer ownership of its Texas cable operations

TDS Telecommunications LLC (TDS) has entered into a purchase agreement with Poka Lambro Telecommunications, Ltd. and Nevill Holdings, Inc. to transfer ownership of its cable operations in Texas. The joint agreement includes the transfer of TDS' cable properties in Seminole, Seagraves, and Denver City to Poka Lambro and the cable properties in Alpine and Fort Stockton to Nevill Holdings, Inc., the parent company of Big Bend Telephone Company and Big Bend Telecom Ltd. (BBT). The agreement was signed Monday and is expected to close within the fourth quarter of 2024.

Poka Lambro was founded in 1950 to provide telephone service to rural farms and ranches. Today, the company serves 4,000 square miles of the south plains of Texas with fiber-to-the-premise facilities and is the premier provider of broadband internet and telecommunications services in a region that boasts thriving residential communities and a robust business climate driven by agribusiness and energy production.

BBT has been connecting and serving rural communities in West Texas for more than 60 years. It offers high-speed fiber internet, voice, and data center solutions to residents, institutions, and businesses. The company's mission is to bridge the digital divide and continually invest in innovative solutions to make the digital world more accessible to rural areas across West Texas.

TDS, a Madison, Wisconsin-based company, has been doing business in Texas since 2013 when it acquired Baja Broadband, LLC who had been providing cable TV, voice, and internet service in Texas since 2005.

Eight local TDS Field Service associates will also transfer to the companies as part of the agreement.

"Moving forward, we are confident our customers will see the same level of quality service that they have come to expect," said President and CEO Jim Butman. "We have great associates in Texas, and we will assist them in their transition to the new companies."

"We are excited to welcome the TDS customers and associates to the BBT family," said Rusty Moore, General Manager and COO of BBT. "This acquisition aligns with our mission to provide exceptional service and innovative solutions to the communities we serve. We look forward to enhancing connectivity and continuing the legacy of quality service we devote across West Texas." 

"Poka Lambro is uniquely positioned to provide exceptional service to customers in these newly acquired markets," said Patrick Sherrill, CEO of Poka Lambro. "The addition of these three communities is a natural fit to our existing service territory and we pledge to serve these new customers with the same cutting-edge technology and great customer service for which Poka Lambro is known."

C Spire to Bring Ultra-Fast Gigabit Fiber to Philadelphia, MS Residents

C Spire, a diversified telecommunications and technology services company, continues to rapidly expand its 20,000 miles of fiber infrastructure, to bring residents in 11 Philadelphia neighborhoods access to multi-gigabit home fiber internet with speeds up to 8-gigs.

Fiber construction is in progress in the first neighborhood. All construction in this phase is planned for completion within the next ten months.

“Fiber is a vital service that gives residents the connectivity they need for education, healthcare, and business,” said Toby Dubois, general manager home services for C Spire. “This investment in Philadelphia will expand C Spire’s ultra-fast and reliable home internet to more Mississippians and help them to flourish now and in the future.”

C Spire first launched fiber service to cities across Mississippi in 2014 and has built a thriving network spanning more than 150 communities in Mississippi, Alabama, Florida, and Tennessee. C Spire is committed to expanding its fiber service to bring more Mississippi communities online and to bring technology improvements to its home state.

The community’s support for the C Spire fiber expansion in Philadelphia is a testament to the shared vision for increased connectivity.

“Fiber internet is one of the most needed assets, and the chance to add additional fiber infrastructure makes Philadelphia more appealing,” said Mayor James Young. “Fiber is essential for residents and enables connectivity for work from home and education. We appreciate that C Spire has been in Philadelphia for years and look forward to the opportunity this new fiber construction will bring to our residents.”

“We are thrilled about C Spire’s fiber investment in our town,” said David Vowell, an economic developer with the Community Development Partnership. “The addition of fiber to Philadelphia will enhance our infrastructure, which will help not only our residents with remote work and learning purposes but also support the economic growth and development of Philadelphia.”

C Spire began offering wireless service in the Philadelphia area in the early 2000s, and now offers fiber internet services to businesses and residents, and a full suite of products to businesses and government entities.

Telemach Slovenia to acquire telecoms operator T-2

Telemach Slovenia, owned by European telecom and pay-TV operator United Group, plans to acquire local telecommunications company T-2, Telemach Slovenia said on Wednesday.

Telemach Slovenia said it has agreed to acquire a stake of at least a 98.06% in T-2 from local company Garnol, owned by entrepreneur Jurij Krc.

After completing due diligence, the two companies plan to sign a purchase agreement for T-2 and obtain the necessary approvals from regulators, Telemach Slovenia said.

The acquisition would provide Telemach Slovenia with a wider network and enable it to invest more effectively in technologies, products and user experience, it noted.

Tomislav Cizmic, CEO of Telemach Slovenia, said the merger will help expand investments in telecommunications infrastructure, content diversity, advanced technologies, and innovative products and services, improving user satisfaction.

T-2, founded in 2004, offers fixed internet, mobile telephony and television. Earlier this month, the Ljubljana District Court launched insolvency proceedings for Gratel, another company owned by Krc, which controls a 1.68% stake in T-2.

Smartaira Acquires Lux Speed Inc. to Broaden Footprint in High-Growth East Coast Markets

Smartaira, a leader in fiber-based, community-wide internet solutions, announced today that it has acquired Florida-based multifamily internet service provider Lux Speed Inc ("Lux Speed"). The transaction significantly expands Smartaira's footprint in the Southeastern United States and adds a marquee customer list of homeowner-association, condo-association, and multi-tenant rental properties to its portfolio. Lux Speed is Smartaira's fourth acquisition since 2021.

"We couldn't be more excited to welcome Lux Speed's subscribers and employees to Smartaira," said Darren Rish, Smartaira's CEO . "Lux Speed built great customer relationships on the foundation of best-in-class infrastructure and high-quality customer service, which are the key tenets underpinning Smartaira's business. We look forward to expanding the relationship with Lux Speed's customers and building off of the momentum that Lux Speed has achieved in the Southeast." 

Lux Speed Founder and CEO, Michael Bertamini, added, "We have been watching the success and growth of Smartaira for some time now and are impressed with Smartaira's executive leadership, quality of service offerings, and commitment to its customers in the multi-tenant space. We are certain that our customers, both old and new, will receive the same first-class service and support from Smartaira and I personally look forward to working with the Smartaira team on the go forward." said Bertamini.

CriticalPoint Partners served as the exclusive financial advisor to Lux Speed in the transaction. Massumi & Consoli and Foly Hoag served as legal advisors to Smartaira and Lux Speed, respectively.

Conterra Networks Completes $580 Million Debt Capital Raise

Conterra Ultra Broadband Holdings, Inc. ("Conterra Networks", "Conterra" or "the Company"), a national leader in providing fiber-optic network-based infrastructure and services, announced today the completion of a debt capital raise totaling $580 million, which will be used to refinance existing credit facilities, optimize Conterra's capital structure, and provide additional capacity to support Conterra's growth.

Conterra Networks, headquartered in Charlotte, North Carolina, is one of the largest independent local providers of fiber-based services in the United States, with a 14,000-route mile fiber network that brings high-capacity middle and last-mile fiber-based services to telecommunication carriers, school districts, and commercial customers across 14 states in the Southeast, South Central and Western US. Conterra is owned by affiliates of each of APG Group NV ("APG") and Fiera Infrastructure Inc. ("Fiera Infrastructure"). 

The structure is a first of its kind within the digital market in the USA. Key highlights of the debt capital raise include:

• Investment Grade-Rated Senior Structure: senior facilities comprised of a term loan and revolving credit facilities being provided by CIBC, National Bank of Canada, NordLB, SMBC and Export Development Canada, as well as senior notes being provided by MetLife Investment Management and IFM. The private investment grade rating is underpinned by the long-term infrastructure characteristics of Conterra's assets and business, which provide essential telecommunications services to carriers, schools and commercial customers.

• Structurally Subordinated Midco Term Facility: provided by Nomura, this component further optimizes the Company's capital structure.

Jamie Crotin, Managing Director of Fiera Infrastructure, said, "We appreciate the strong support of Conterra's new lenders and look forward to working with them as Conterra continues to grow its business." 

Steven Hason, Managing Director and Head of Americas Real Assets at APG, further commented, "This successful refinancing with leading lenders underscores the quality of Conterra's network. The proceeds from refinancing will be aimed at funding responsible growth and creating long-term value in the communities that Conterra's networks serve, as well as for the Company's investors." 

Craig Gunderson, President & CEO of Conterra, commented, "This refinancing provides Conterra with growth capital to support our continued expansion to densify our network in our focus areas and launch additional advanced services for our customers." Steve Keaveney, CFO of Conterra, echoed similar sentiments and added, "We are extremely pleased with the outcome of the refinancing, which offers significant operating flexibility to Conterra. We are delighted to build a long-term partnership with our new lender partners."

Advisors and Agents
Daiwa Corporate Advisory LLC (DC Advisory) and TD Securities acted as financial advisors and placement agents and Latham & Watkins acted as legal counsel to Conterra. White & Case acted as lender counsel on the refinancing.

About Conterra Networks
Conterra Networks is a national leader in the design, deployment, and operation of fiber-optic network-based services, providing advanced high-capacity communications networks to education, healthcare, government, carrier, and enterprise customers across the United States. With over 14,000 route miles of fiber and more than 8,000 on-net locations, Conterra offers a robust, flexible, and secure fiber network backbone optimized for low-latency and high-bandwidth applications. Conterra is owned by affiliates of APG and Fiera Infrastructure.

About APG
As the largest pension provider in the Netherlands APG looks after the pensions of 4.6 million participants. APG provides executive consultancy, asset management, pension administration, pension communication and employer services. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. APG manages approximately €569 billion (December 2023) in pension assets. With approximately 4,500 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, Singapore and Shanghai.

APG has been an active infrastructure investor since 2004, investing approximately €26.0 billion to date and managing over 36 direct stakes in portfolio companies. APG's investments include assets within energy and utilities, telecommunications, and transport infrastructure.

About Fiera Infrastructure
Fiera Infrastructure is a leading global mid-market direct infrastructure investor operating across all subsectors of the infrastructure asset class and an affiliate of Fiera Capital Corporation. Led by a team of highly experienced and specialized professionals, the firm leverages strong global relationships, with a local presence in Toronto, London, and New York. Its rigorous approach to investment and asset management aligns with its long-term approach. Fiera Infrastructure has assets under management and commitments of C$4.0 billion as of March 31, 2024. The firm has invested in more than 90 infrastructure assets across telecommunications, renewables, transportation, and public-private partnerships.