ImOn service truck

Goldman Sachs Asset Management, the infrastructure investment arm of Goldman Sachs, has agreed to acquire Iowa cable and broadband provider ImOn Communications LLC, in a deal expected to be completed by mid-year. Financial terms of the deal were not disclosed.

Goldman Sachs Asset Management will make new investments in ImOn’s fiber-to-the-premises (FTTP), video and voice services as part of the transaction.

ImOn started operations in 2007 as a single-market cable provider, growing into a regional fiber-to-the-premises provider that currently owns and operates a 2,000-mile network that reaches over 60,000 households and businesses. Current markets include Cedar Rapids, Marion, Hiawatha, Iowa City, and Dubuque, Iowa.

“The ImOn team is thrilled to be working with Goldman Sachs,” said Patrice Carroll, ImOn Communications founder and CEO, in a prepared statement. “The ImOn difference is our high-quality fiber-optic broadband network, our commitment to providing the highest level of customer service, and our support of the communities we serve. Goldman Sachs shares our values and supports ImOn’s vision. They will be a great partner to help us implement our ambitious growth plans.”

“Increasing usage and reliance on broadband connectivity by households and businesses create a highly attractive growth opportunity for ImOn to deploy FTTP infrastructure,” said Goldman Sachs Asset Management partner Leonard Seevers, in a prepared statement. “We are incredibly excited to partner with Patrice and the rest of the ImOn management team, and to be ImOn’s strategic and capital partner as it executes this next phase of growth.”

This marks an early 2022 M&A deal for the U.S. broadband industry. Last year also had notable M&A activity, though no mega deals.

Join the Conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

Don’t Miss Any of Our Content

What’s happening with broadband and why is it important? Find out by subscribing to Telecompetitor’s newsletter today.

You have Successfully Subscribed!