Stonepeak Infrastructure Partners to acquire controlling stake in Canada’s Xplornet Communications
Xplornet Communications Inc., a Canadian company that uses both fiber-optic, satellite, and wireless communications technology to bring broadband to rural areas of the country, says that it has agreed to sell a controlling interest in the company to Stonepeak Infrastructure Partners. Terms of the deal were not disclosed. Current Chairman of the Board Steve Weed and his fund WaveDivision Capital, will remain material investors.
In 2019, Xplornet announced that it will invest CAN$500 million over the next five years on footprint expansion (see "Xplornet plans fiber-optic network build in rural parts of Eastern Ontario" for one example). Xplornet says the influx of capital will enable it to accelerate these plans for a national network for rural subscribers. The company adds it will now have the money to explore both organic and inorganic expansion avenues.
President and CEO Allison Lenehan and the current executive team will continue in their posts; the company will remain headquartered in New Brunswick. "We are excited that Stonepeak has agreed to acquire Xplornet and is strongly committed to continuing our mission of providing rural Canadians with world-class broadband services." said Lenehan. "Stonepeak's investment will position Xplornet to accelerate development of our facilities-based broadband network and services, enabling much faster speeds, including unlimited data plans at affordable prices for rural Canada."
Stonepeak has several investments in the telecommunications arena, including interests in Cologix and euNetworks (see "Stonepeak Infrastructure Partners closes euNetworks interest purchase").
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Stephen Hardy | Editorial Director and Associate Publisher, Lightwave
Stephen Hardy is editorial director and associate publisher of Lightwave and Broadband Technology Report, part of the Lighting & Technology Group at Endeavor Business Media. Stephen is responsible for establishing and executing editorial strategy across the both brands’ websites, email newsletters, events, and other information products. He has covered the fiber-optics space for more than 20 years, and communications and technology for more than 35 years. During his tenure, Lightwave has received awards from Folio: and the American Society of Business Press Editors (ASBPE) for editorial excellence. Prior to joining Lightwave in 1997, Stephen worked for Telecommunications magazine and the Journal of Electronic Defense.
Stephen has moderated panels at numerous events, including the Optica Executive Forum, ECOC, and SCTE Cable-Tec Expo. He also is program director for the Lightwave Innovation Reviews and the Diamond Technology Reviews.
He has written numerous articles in all aspects of optical communications and fiber-optic networks, including fiber to the home (FTTH), PON, optical components, DWDM, fiber cables, packet optical transport, optical transceivers, lasers, fiber optic testing, and more.
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