altafiber secures $600M to continue fiber broadband expansion

Sept. 1, 2023
Independent telcos can leverage new funding to extend fiber-based broadband to more homes and businesses inside and outside of its traditional wireline territory.

altafiber has raised $600 million in new funding to support the continued construction of its fiber networks throughout incumbent and expansion markets in Ohio, Kentucky, Indiana, and Hawaii.

Besides continuing to upgrade its current footprint, these new funds will enable altafiber to expand its edge-out and community public-private partnership strategy.

In June, altafiber established a P3 with the City of Dublin, Ohio. altafiber was selected following a “Request for Proposal” (RFP) process, seeking a partner to provide competitive access to internet service of 10 Gbps for all Dublin residents.

Earlier, the service provider struck a deal with The City of Lawrenceburg, Indiana. It assumed responsibility for Lawrenceburg Broadband Communications’ fiber network, which offers gigabit Internet connectivity to approximately 3,000 addresses and the existing residential and business customer base.

Complementing its previously announced expansion markets, altafiber plans to expand its multi-gigabit fiber network to over 400,000 homes outside its incumbent territories. These new markets include Ohio, Kentucky, and Indiana communities including, but not limited to, 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.

“Gigabit connectivity is essential to access educational, employment, and healthcare opportunities. Robust fiber networks are also powerful economic development tools for business attraction and retention in growing municipalities,” said Leigh Fox, president and CEO of altafiber. “The combination of our operational expertise and this new funding will allow us to continue to invest in fiber, expand our geographic reach, and help to create digital equity in many rural and suburban communities.”  

The latest funding round was solely supported by existing investors, funds managed by Macquarie Asset Management, Ares Management, and investing co-investors.