Lightower Fiber Networks is merging with Fibertech Networks, in a $1.9 billion cash transaction.
The combined company will be led by current Lightower CEO, Rob Shanahan. The merger is pending regulatory approvals and is expected to close in the third quarter of 2015.
“The combination of Lightower and Fibertech is a win for customers by enabling us to serve more locations, across a wider area, and with more service options – all with the same superior level of reliability and customer support,” Shanahan said. “Lightower and Fibertech have built distinct networks in their respective regions that will be very complementary when merged. In addition, we plan to continue to invest capital in these regions for additional network expansion.”
The combined company will own and operate a fiber-based network throughout the Northeast, Mid-Atlantic and Midwest. It will have more than 30,000 route miles of fiber network providing access to nearly 5,000 wireless towers and almost 13,000 on-net service locations, including commercial buildings, data centers, financial exchanges, content hubs and other critical communications facilities.
“This merger between our two high growth companies is a very positive development for both organizations, both customer bases and both sets of employees,” said John Purcell, CEO of Fibertech. “Bringing together these two talented teams under an integrated leadership group will be a great cultural fit, while also broadening opportunities and career growth for employees.”