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The equity raise was solely supported by existing investors, funds managed by Macquarie Asset Management, Ares Management, and supporting co-investors
altafiber, formerly known as Cincinnati Bell, has raised $600 million in funding to support the ongoing construction of fibre networks in its incumbent and expansion markets of Ohio, Indiana, Kentucky, and Hawaii.
As well as continuing to upgrade its current network, the funding will allow the firm to grow its opportunistic edge-out and community partnership strategy, which altafiber claim will allow them to reach their goal of providing homes and businesses with the fastest and most reliable network whilst maintaining their commitment to the community.
The firm was acquired by Macquarie Infrastructure in 2021 for $2.9 billion, after which the it began trading under the altafiber brand. Since then, the company has passed 300,000 premises with its fibre rollout, reaching a total of 1.1 million premises.
By the end of the year, the company expects to finish the construction of fibre to every single-family unit within Greater Cincinnati.
“Gigabit connectivity is essential to access educational, employment, and healthcare opportunities. Robust fibre 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 fibre, expand our geographic reach, and help to create digital equity in many rural and suburban communities.”
The construction of altafibre’s Hawaii network is ongoing and expected to be completed by the end of 2027.
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