Lightower completes merger with Fibertech
Lightower Fiber Networks of Boxborough has completed its $1.9 billion acquisition of competitor Fibertech Networks, the company said Thursday.
Fibertech is based in Rochester, N.Y. The combined company, which will operate under the Lightower brand, will operate a high-performance, fiber-based network through the Northeast, Mid-Atlantic and Midwest, Lightower said in a release. Customers come from the financial services, health care, media, education, carrier, and government sectors, according to the company.
Lightower — the second largest provider of technology network services, behind Colorado-based Zayo Group — has now doubled its network reach, the company said.
“Lightower is now the leading all-fiber provider from Illinois, to Massachusetts, to North Carolina, covering an area of the country with over 40 percent of the U.S. population,” Rob Shanahan, the company’s president and CEO, said in the release. He added that the merger “accelerates Lightower’s ongoing expansion strategy.”
The company said the transaction was funded through a combination of equity and debt. Lightower’s existing financial backers, Berkshire Partners, Pamlico Capital and ABRY Partners, each provided additional equity to support the acquisition.
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