Almost all last year’s broadband mergers and acquisitions fell into one of two categories. Major providers such as T-Mobile, Verizon, Charter, and Cox made strategic broadband M&A deals. And private equity firms invested in companies pursuing high-speed broadband builds.
Telecompetitor didn’t cover every broadband M&A deal made in 2025. But we covered most of them. Here’s our roundup for the year.
Big guys’ strategic deals
The biggest M&A deal announcement for 2025 was the planned merger of cable broadband giants Charter and Cox. The companies said they are seeking improved scale to enable them to better compete in several markets, including their traditional video businesses, as well as mobile and broadband.
Another big deal announced in 2025 was AT&T’s plan to purchase Lumen’s fiber business. That deal illustrates how important the broadband/mobile bundle has become. Customers that buy both offerings generate more revenue and are less likely to churn. None of the major mobile providers can offer home broadband everywhere. But acquiring Lumen’s fiber business will bring AT&T a step closer.
T-Mobile had a similar motivation for forming a joint venture (JV) with EQT to acquire home broadband provider Lumos and a separate JV with KKR to acquire Metronet. Metronet wasted no time in announcing an acquisition of its own — US Internet.
Mobile providers can never have too much spectrum — a reality that spurred T-Mobile’s purchase of UScellular’s wireless business when that company’s owners finally decided to sell after realizing they didn’t have the scale to compete.
Verizon’s news that it would purchase fixed wireless access (FWA) provider Starry illustrates how important fixed wireless broadband has become. Verizon uses its own mobile infrastructure to support FWA but apparently thinks there’s enough business to go around to make the investment worthwhile.
Charter and Cox aren’t the only broadband/cable companies seeking scale. Other companies in that category also are looking to expand their footprints and boost scale, as evidenced by Midco’s SCI acquisition and Savage Communications deals.
Another strategic purchase was Brightspeed’s purchase of certain Cincinnati Communications assets.
Not all strategic M&A activity involves merging or acquiring. Sometimes a big player decides it needs a stronger focus on its core business and sells off non-core operations. That’s what motivated TDS to sell off holdings, including Strasburg Phone Company and certain assets in Colorado, Oklahoma, and Virginia.
Private Equity
Almost all other 2025 broadband M&A involved private equity (PE). Although some PE firms reportedly are becoming more wary of investments in this area, plenty of others are still jumping in or upping the ante.
Apparently, these investors continue to see an opportunity to foot the bill for high-speed internet builds that they believe will generate healthy returns.
- ARA Partners took majority control of Centric Fiber and announced the acquisition of Loop Internet.
- Avery Companies and Technology for Rural America have a joint venture that owns Phirelink, which announced an acquisition of Arkwest Communications.
- Blue Owl Capital took a majority interest in Gigabit Fiber and announced the acquisition of South Reach Networks.
- Brookfield Infrastructure Partners owns Intrepid Fiber, which acquired network assets in Colorado.
- Goldman Sacs Asset Management owns Imon, which acquired Danville Telecom.
- GTCR is the primary owner of Visionary Broadband, which acquired MTWeb and Mountain Broadband.
- iCon Infrastructure owns Truvista, which acquired SlyTel.
- I Squared Capital owns Ezee Fiber, which announced the acquisition of Tachus Fiber Internet.
- ITC Capital Partners backs Highline, which acquired 906 Technologies assets.
- Macquarie Asset Management owns Bluebird Fiber, which announced the acquisition of Everstream. Macquarie also backs Mereo Networks — along with WaveDivision Capital and Freedom 3 Capital. Mereo acquired fiber assets from DISH Network.
- Morrison & Company is a part owner in Fiberlight — along with Australian Retirement Trust and a client managed by UBS Asset Management. Fiberlight announced the acquisition of Metro Fiber Networks.
- Oak Hill Partners owns Greenlight Networks, which announced the acquisition of Fastbridge Fiber. Oak Hill also partnered with other investment firms on at least two investments — in Socket Telecom and IdeaTek with Pamlico, and with Guggenheim on an investment in Wire 3.
- VFN Holdings owns Vero Fiber, which acquired Bendtel and Montana Digital, as well as Ting assets in the Southwest. Vero also announced a merger with Telephone Electronics Corporation.
Two Other Deals
Telecompetitor only covered two other broadband M&A deals in 2025 that didn’t fit into one of the two categories above.
- United Communications, owned by Middle Tennessee Electric Cooperative, said it would acquire Loretto Telecom.
- Ripple Fiber, which according to a spokesperson is sponsored by Platform Investment Partners and KLT Holdings, acquired Bridgenet Fiber. “Platform Investment Partners is the controlling sponsor and equity owner of Ripple Fiber, with KLT Holdings as a co-sponsor and equity owner,” the spokesperson said.
We look forward to continuing to cover mergers and acquisitions for you in 2026.
Updated information about Ripple Fiber
