Whether to gain a more significant network foothold in more markets, add more elements to an existing product line, or reset focus on serving a market segment like fiber-based broadband, vendors and service providers actively pursued new M&A deals to meet these goals.
In case you missed any, these are our top M&A stories for 2024.
The deal: Verizon snaps up Frontier for $20B in bid to bolster fiber broadband base
Financial Details: $20B
Why it’s significant? approximately 10 million fiber customers across 31 states and Washington D.C., with fiber networks passing over 25 million premises. Both companies expect to increase their fiber penetration between now and closing.
The deal: BCE’s proposed $3.65B Ziply Fiber deal accelerates its North American fiber growth strategy
Financial Details: $3.65B
Why it’s significant? BCE’s Ziply purchase strengthens Bell Canada’s growth profile and strategic position by giving it a foothold in the large, underpenetrated U.S. fiber market while increasing its scale outside Canada.
The deal: Nokia’s $2.3B bid for Infinera enhances optical network webscale, product roadmap and reach
Financial Details: $2.3B
Why is it significant? The Finnish company will use the acquisition to further its bond with content providers and gain a more substantial foothold in the North American optical networking market. Jimmy Yu, VP at Dell’Oro, said, "The combination of Nokia and Infinera would have 20% of the global optical market, giving them the second highest vendor share.”
The deal: Comcast Business’ Nitel acquisition enhances its managed networking capabilities
Financial Details: Not disclosed
Why it’s significant? By acquiring a network-as-a-service (NaaS) provider, Nitel Comcast Business deepens its cloud-based network capabilities when it sees growth with enterprise customers. It also enhances its business customer base with 6,600 financial services, healthcare, and education clients nationwide.
The deal: Keysight makes a $1.5B bid on Spirent Communications, outpacing VIAVI’s initial offer
Financial terms: $1.5 B
Why it’s significant? Keysight Technologies made a rival bid of $1.46 billion for Spirent Communications, challenging VIAVI’s earlier bid for the British-based test and measurement company. Viavi maintains that Keysight’s bid could hurt customers by limiting their test and measurement needs options, as one vendor controls more of the market.
The deal: Uniti will extend Windstream Kinetic’s FTTH footprint after the merger closes
Financial terms: When the deal closes, Uniti shareholders will hold about 62% of the combined company's outstanding common equity, and Windstream shareholders will have approximately 38%.
Why is it significant? By merging, the new company will combine Uniti’s national wholesale-owned fiber network with Windstream’s Kinetic FTTH broadband business to create what it says will become an insurgent fiber provider.
The deal: T-Mobile advances fiber broadband play further with Metronet acquisition
Financial Details: When the deal closes, T-Mobile is expected to invest approximately $4.9 billion to acquire a 50% equity stake in the joint venture (JV) with KKR and 100% of Metronet’s residential fiber retail operations and customers, as well as funding of the JV.
Why is it significant? The deal immediately allows T-Mobile to scale its fiber broadband reach. It will target over 2 million homes with fiber-based broadband services.
The deal: T-Mobile bolsters fiber ambitions with EQT joint venture to acquire Lumos Networks
Financial details: $1B
Why it’s significant? Similar to its deal to acquire Metronet, the Lumos Networks, deal will bring fiber services to 2 million homes in underserved markets by 2026.
The deal: Dycom advances wireless capabilities with Black & Veatch wireless unit acquisition
Financial details: Not disclosed
Why it’s significant? Besides strengthening its customer base, Dycom’s acquisition of the Black & Veatch wireless assets expands its geographic scope to more broadly address growth opportunities in wireless network modernization, including Open RAN transformation initiatives and deployment services.
The deal: Flex’s Crown Technical Systems acquisition deepens its data center power market presence
Financial Details: $325M
Why is it significant? The acquisition extends Flex's presence into the growing utility power market and supports further U.S. data center power market growth.
The deal: Belden acquires Precision Optical Technologies for $290M
Financial Details: $290M
Why is it significant? The acquisition will complement Belden’s enterprise and service provider solutions. Belden can sell a new set of optical transceivers with proprietary software, firmware configurations, and related components.
The deal: CBTS completes sale to TowerBrook Capital Partners
Financial details: Not disclosed
Why is it significant? By selling off the CBTS assets to TowerBrook Capital earlier this year, altafiber will be able to meet its goal of creating two standalone companies: a fiber infrastructure provider that will build fiber in its incumbent and new territories and an IT Services Company focused on supporting enterprise business customers.
The deal: US Signal’s OneNeck acquisition expands its nationwide data center footprint, IT network
Financial details: Not disclosed
Why is it significant? Acquiring OneNeck from TDS will provide a competitive carrier with a more incredible arsenal of capabilities to address growing data center and cloud service demands from its business customer base. TDS also benefits in that it will be able to emphasize its focus on increasing its fiber-to-the-home (FTTH) customer base and network reach.
The deal: Lightpath enhances fiber reach with United Fiber and Data (UFD) purchase
Financial terms: Not disclosed
Why is it significant? By purchasing UFD, the service provider adds a geographically diverse, high fiber count between New York City and Ashburn, VA, while increasing its serviceable market in Manhattan by over 20%.
The deal: Tempo Communications’ Westek Electronics acquisition bolsters testing equipment position
Financial details: Not disclosed
Why is it significant? The acquisition will enable Tempo to diversify its product line with Westek’s custom cables and connectivity solutions.
The deal: Connectbase’s MasterStream acquisition enhances its connectivity commerce platform
Financial details: Not disclosed
Why is it significant? This acquisition grows the Connectbase ecosystem, accelerates the channel world's adoption of digital transactions, and solidifies Connectbase's position as a key global quoting and transaction platform for connectivity.
Sean Buckley
Sean is responsible for establishing and executing the editorial strategies of Lightwave and Broadband Technology Report across their websites, email newsletters, events, and other information products.