ZenFi Networks and Cross River Fiber, two fiber network services providers focused on the New York and New Jersey metro markets, have announced plans to merge later this year. The combined company will feature more than 700 route miles of fiber-optic network, 130 on-net buildings, 49 colocation facilities, and 1,700 outdoor wireless locations. They'll also service more than 3,000 customers.
Private equity firm Ridgemont Equity Partners, Cross River Fiber's majority shareholder, is backing the merger (see "Ridgemont Equity Partners to buy majority stake in Cross River Fiber"). Financial details of the deal were not released. The current ZenFi Networks and Cross River management teams are expected to lead the combined company.
"The merger of ZenFi Networks and Cross River Fiber allows us to scale our communications infrastructure portfolio across the region, providing a robust fiber and colocation platform enabling the deployment of a wide range of digital services by mobile network operators, telecommunications service providers and large enterprises," says Ray LaChance, CEO of ZenFi Networks. "The combination enhances our network reach, deepens our product portfolio, and delivers a next-generation network infrastructure that is the foundation of tomorrow's communications networks. In addition, our partnership with Ridgemont Equity Partners further strengthens ZenFi Network's financial position by providing access to additional capital to continue to deliver on our vision of building the most pervasive and high capacity connectivity platform in the region."
"While both companies have achieved great success to date, as a combined business, our geographic footprint and product capabilities are greatly expanded," says Vincenzo Clemente, CEO of Cross River Fiber. "We can now offer custom telecommunications solutions in New York, New Jersey, and beyond to more wireless mobility, carrier, and enterprise customers than ever before. Our teams are cut from the same cloth – we're both builders and owners of purpose-built fiber-optic networks and wireless infrastructure – and together we will provide that cutting-edge network architecture of both fiber and wireless services to an even bigger customer base."
The two companies have partnered in the past to offer self-service connectivity (see "ZenFi, Cross River Fiber offer zXc Platform for self-service metro connections").
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