Fiber provider Greenlight Networks is expanding its presence in Pennsylvania by acquiring FastBridge Fiber for an undisclosed price, the company announced yesterday. Pending regulatory approval, the deal is expected to close in the middle of next year.
Greenlight Networks also has operations in New York and Maryland.
Oak Hill Capital is the majority investor in Greenlight Networks. FastBridge Fiber has been supported, and is majority-owned, by a subset of Guggenheim Investments clients. Following the closing of this transaction, Guggenheim Investments will take an ownership stake in Greenlight Networks and, in conjunction with Oak Hill Capital, will further strengthen the company’s growth and expansion initiatives.
“This acquisition not only positions us to accelerate our ability to serve more communities in Pennsylvania, but it also adds to our scale in Buffalo. Together, we can deliver next-generation internet to more residents and small businesses faster, in areas where demand for high-speed fiber internet is rapidly growing,” Mark Murphy, Greenlight Networks CEO, said in a prepared statement about the FastBridge Fiber acquisition.
Greenlight Networks had announced its expansion into northeast and south-central Pennsylvania in the spring. The company said that the acquisition of Loop Internet would significantly expand the Greenlight Networks presence in the Wilkes-Barre/Scranton area and accelerate the deployment of its fiber network there.
Greenlight Networks had planned to leverage Loop’s local expertise and infrastructure with capital investments in the region. The company expects to announce local hiring initiatives and additional partnerships.
Before the announcement of the acquisition by Greenlight Networks, FastBridge Fiber expanded its network in Erie County, Pennsylvania, with the promise of 10 Gbps service.
The expansion included the city of Erie and Haborcreek Township, areas that the company’s press release says are the most densely populated in the county. FastBridge Fiber requires no contracts and offers unlimited data, symmetrical speeds reaching 10 Gbps, a Wi-Fi device, and professional installation.
