MetroNet Fiber, a provider of fiber-to-the-home (FTTH) Internet, TV and phone service in Indiana, Illinois and Kentucky, is acquiring Lansing, MI-based LightSpeed Fiber Communications, a fiber-optic Internet company serving Lansing, Grand Rapids, Southfield, Huntington Woods and Ypsilanti. The combination of the two companies extends MetroNet's footprint into Michigan, where the company plans to bring its TV and phone service to LightSpeed's Internet-only customers and invest up to $100 million in further expansion of its Michigan markets.
Terms of the deal were not disclosed. The transaction is expected to be completed today.
"The vision and values of LightSpeed Fiber marry well with our goal of expanding our cutting-edge fiber-optic telecommunication services to more cities while remaining customer-focused," said MetroNet President John Cinelli. "Our plans for Michigan are sustainability and growth. This investment represents a strategic opportunity to offer gigabit-speed Internet with no data caps, full-featured fiber phone service, and fiber IPTV to even more customers. We are thrilled to join forces with LightSpeed Fiber and welcome them to the MetroNet family."
Jason Schreiber, current LightSpeed CEO, will continue leading the Michigan market while taking on the role of chief technology officer for MetroNet as the partnership moves forward.
"LightSpeed is dedicated to revolutionizing how our customers connect and use the Internet, while making it cost friendly and as efficient as possible," Schreiber said. "When the opportunity to partner with MetroNet presented itself, it made perfect sense. This partnership means accelerated expansion in Michigan, reaching more residents and businesses that are eager for our services, and other opportunities such as job creation."
LightSpeed fiber currently serves the Lansing, Grand Rapids, Southfield, Huntington Woods and Ypsilanti communities with gigabit speed Internet. The company operates a 2,400-mile fiber optic backbone, spanning from Chicago to Atlanta to Washington DC. The acquisition is intended to allow MetroNet to access LightSpeed's already laid framework of fiber-optic cable in those areas and optimize those markets to receive MetroNet's 1 Gbps speed or higher.
MetroNet will work with LightSpeed leadership to transition the Lansing office to deploy MetroNet products and services in the coming months, including offering TV and telephone services to new and existing customers.