Point Broadband and Clearwave Fiber are joining forces to create one of the largest independent fiber operators in the country, with operations across 12 states and fiber reaching more than 500,000 homes and businesses.
Both companies have operations in the Southeast and Midwest.
Clearwave’s fiber assets in southern Illinois are not part of the deal. Metro Communications is purchasing those operations.
The deal is expected to close in the first half of the year.
Clearwave Fiber CEO David Armistead will serve in that role for the combined company. John Cinelli, chairman of Point Broadband’s board and a founder and former CEO of Metronet, will be the chairman.
“Point and Clearwave are highly aligned on building reliable, state-of-the-art fiber networks,” Cinelli said in a prepared statement. “This combination positions us to lead consolidation across our footprint and accelerate toward our goal of reaching more than one million passings.”
GTCR and Berkshire Partners will control the combined company. Cable One, which is a current investor in both Point Broadband and Clearwave Fiber, will contribute its equity investment in Clearwave into the combined company and remain a “significant” shareholder.
Point Broadband had earlier upgraded the fiber network for the customers it gained from the acquisition of Riviera Utilities’ residential cable and internet business.
Telecompetitor reported in February 2023 that Point Broadband Fiber Holding LLC had received significant growth investment from funds affiliated with Berkshire Partners and that the company had gained backing from the private equity firm GTCR in 2021. At that time, Point Broadband said the investment would “accelerate the deployment of our all-fiber gigabit broadband solutions to a wider array of residential and business customers in rural communities.”
