Altafiber announces it has raised $600 million (€552.06 million) in new funding to support the continued construction of company’s fibre 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. Providing individuals and businesses with fast, future-proof fibre network while maintaining its commitment to the communities it serves.
Since close of “take-private” transaction in September 2021, Company has passed ~300,000 addresses with fiber now totaling over 1.1 million homes passed with fibre. The company expects to complete construction of fibre to all family unit within Greater Cincinnati by end of 2023. The completion of construction of Hawaii’s statewide fibre network is expected by end of 2027.
In combination with previously announced expansion markets, altafiber now has plans to expand its multi-gigabit fibre 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.
“Gigabit connectivity is essential to access educational, employment, and healthcare opportunities. Robust fiber networks are also powerful economic development tools for business attraction and retention in growing municipalities,” says 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 fiber, expand our geographic reach, and help to create digital equity in many rural and suburban communities.”
Equity raise was solely supported by existing investors, funds managed by Macquarie Asset Management, Ares Management, and supporting co-investors.
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