Cincinnati-based fibre network provider altafiber has raised $600m in new funding to support the continued construction of its fibre networks throughout incumbent and expansion markets in Ohio, Kentucky, Indiana, and Hawaii.
Formerly known as Cincinnati Bell, the company rebranded last year as it expanded into Ohio, Kentucky, and Indiana, following its acquisition by Macquarie Infrastructure Partners in September 2021. Since the close of the acquisition, the company has passed around 300,000 addresses with fibre, bringing the total number of homes passed to 1.1 million. The company expects to complete the construction of fibre to every single-family unit within Greater Cincinnati by the end of 2023, while the completion of construction of Hawaii’s statewide fibre network is expected by the end of 2027.
In combination with previously announced expansion markets, altafiber now has plans to expand its fibre network to approximately 400,000 homes outside of its incumbent territories. New markets include Ohio, Kentucky, and Indiana such as 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.
Earlier this year, altafiber strengthened its fibre expansion strategy with the acquisition of rival company Bridgewired.
The equity raise was solely supported by existing investors, funds managed by Macquarie Asset Management, Ares Management, and supporting co-investors.
Leigh Fox, President and CEO of altafiber says: “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. 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.”
