MetroNet says it will receive a new round of funding that will see KKR join Oak Hill Capital as an investor. The broadband services provider did not disclose how much money it will receive in the transaction, which is expected to close in the third quarter of this year and will include investments from both firms.
The company provides broadband services up to 10 Gbps across nine states using fiber to the premises (FTTP). MetroNet frequently collaborates with local government in opening new markets.
MetroNet says the new funding will enable the company to further expand its footprint, with expectations that its FTTP network will pass more than 1 million residential households and businesses in the near future.
The addition of KKR also adds another investor experienced in broadband services provision, particularly outside of North America. The firm has investments in FiberCop in Italy, Hyperoptic in the UK, and Deutsche Glasfaser in Germany.
"We value our longstanding partnership with Oak Hill and are proud to welcome our new investors at KKR," said John Cinelli, MetroNet CEO. "The additional investments from Oak Hill and KKR will drive growth that further bridges the digital divide by providing hundreds of thousands of additional households access to world class and future proof 100% fiber-optic services for living, learning, and connecting to each other. We look forward to maintaining our commitment to excellence in serving our customers and communities."
"MetroNet has set itself apart as the leading independent FTTP provider in the U.S., well known for its high-quality technology, exceptional customer service, and local operations," concluded Waldemar Szlezak, a senior leader on KKR's infrastructure investment team. "We are thrilled to be supporting MetroNet, alongside Oak Hill, on its mission to deliver much-needed broadband access across the U.S., a market that is well behind its peers in FTTP connectivity."
