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.

Oak Hill Capital to Acquire Hunter Communications

Oak Hill Capital (“Oak Hill”), a thematic, middle-market private equity firm, today announced that it has entered into a definitive agreement to acquire Hunter Communications (“Hunter” or “the Company”), Oregon’s largest privately owned fiber-optic internet provider. Oak Hill’s investment and long-standing digital infrastructure expertise will assist Hunter in accelerating its fiber-to-the-premises (“FTTP”) network expansion plan around its existing fiber footprint in Oregon and Northern California. Financial terms were not disclosed.

Founded in 1994, Hunter is a leading regional residential, commercial, and enterprise fiber-optic internet provider operating more than 3,000 route miles of fiber network passing approximately 100,000 locations. Headquartered in Medford, Oregon, the Company delivers multi-gig symmetrical speeds, low latency, and high network availability to more than 25,000 customers across the Pacific Northwest. Oak Hill’s acquisition of Hunter marks the firm and its predecessors’ 22nd broadband communications investment and comes at a time when demand for high-speed broadband is increasing, in particular in the types of tier II and tier III markets Hunter targets.

“We are excited to partner with Oak Hill, whose long-standing commitment to building leading broadband businesses aligns with Hunter’s vision for continued growth and service excellence,” said Michael Weinschenk, CEO of Hunter Communications. “Our mission is to deliver fast, reliable fiber connectivity and exceptional service to the communities we serve. Their reputation for successfully scaling FTTP assets makes them the ideal partner, and we look forward to building on our momentum together in this next chapter.”

“Hunter has built a strong foundation of residential and commercial fiber operations across the Pacific Northwest—a region where we see significant opportunity to increase network access,” said Jeff Butler, Principal at Oak Hill. “We look forward to partnering with Michael and the Hunter team in an effort to expand the Company’s fiber footprint, enhance service offerings, and continue delivering essential, high-speed connectivity to homes and businesses.”

As part of the transaction, Grain Management is exiting their stake in Hunter. “We are incredibly proud of Hunter’s transformation into a premier regional fiber provider and are excited to see the company enter its next phase of growth. Hunter truly embodies Grain’s commitment to advancing digital infrastructure and delivering value to communities, and our partnership with the entire Hunter team has fueled the company’s momentum and created new opportunities for Hunter to thrive,” said Michael McKenzie, Managing Director at Grain.

Oak Hill and its predecessors have been investing in the broadband and communications space for over 30 years within its long-standing digital infrastructure investment theme. With the acquisition of Hunter, Oak Hill’s digital infrastructure portfolio consists of eight FTTP platforms that are active across 35 states, passing approximately five million locations with fiber, and building more than one million new locations per year. Oak Hill’s recent FTTP transactions include strategic investments in Midwest fiber internet service providers Socket and IdeaTek, as well as the sale of Metronet.

IQ Fiber Launches 100% Fiber-Optic Internet Service in Charleston, South Carolina

IQ Fiber, a rapidly expanding Jacksonville, Florida-based provider of 100% fiber-optic internet service, has officially launched its all-fiber internet network in Charleston, South Carolina, including the communities of West Ashley and the Town of Mt. Pleasant. The expansion brings reliable high-speed internet with transparent pricing and no contracts to residents and small businesses across the Charleston metro area.

“At IQ Fiber, everything we do is centered on creating the best possible experience for our customers,” said Ted Schremp, CEO of IQ Fiber. “That means making internet service easy to understand, simple to manage, and reliable every day. From transparent pricing to local customer support, our goal is to deliver fast internet without the hassles customers have come to expect from traditional providers.”

Charleston Mayor William S. Cogswell Jr. welcomed the company’s investment.

“High-speed internet access is essential to Charleston’s growth and quality of life,” said Mayor Cogswell. “We’re pleased to welcome IQ Fiber to our community and look forward to the benefits that greater connectivity brings to our residents and businesses.”

IQ Fiber’s 100% fiber-optic network delivers symmetrical speeds up to 10 gigabits per second, providing high-performance connections built for streaming, remote work, gaming, and business productivity. Each plan, which starts at $65 per month, includes professional installation, whole-home Wi-Fi 7 service, and 24/7 live support from the company’s Eastern U.S.-based team.  As part of its long-term commitment to the Charleston area, IQ Fiber is establishing a local operations office at 2030 Herbert Street, which will serve as a hub for network deployment and support as the company continues its regional expansion.

To mark the Charleston launch, IQ Fiber hosted a Fiberhood party at the Shadowmoss Country Club, where residents, civic leaders, and partners were able to meet the team and learn more about service availability.

The IQ Fiber Charleston network is built on a modern XGS-PON platform (10-Gigabit Symmetrical Passive Optical Network) and features a fully redundant core fiber-optic ring with multi-city connections to the broader internet. The deployment consists of an IQ Fiber owned and operated backbone which extends directly into homes and businesses, enabling reliable, consistent speeds while supporting continued growth in data usage and demand.

IQ Fiber’s network now spans more than 2,700 route miles and serves customers in Jacksonville and Gainesville, Florida, as well as Savannah, Georgia. Construction is also underway in St. Petersburg and Pinellas County, Florida. The company also operates in the Chesapeake Bay Region of Maryland through its subsidiary ThinkBig Networks.

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."