MetroNet has secured new investment from funds managed by global investment firm KKR, which will join long-time partner, Oak Hill Capital, and company’s management team as key investors. As part of the transaction, Oak Hill and KKR will each make new investments to help accelerate MetroNet’s growth in deploying connecting fibre-to-the-premises (FTTP) services to homes and businesses. The transaction is expected to close in the third quarter of 2021, subject to regulatory approvals and other customary closing conditions. Specific terms of the investment were not released.
TeleGeography notes that MetroNet launched in 2005 with one fibre network in Greencastle, Indiana, and has since grown to serve more than 100 communities across Indiana, Illinois, Iowa, Kentucky, Michigan, Minnesota, Ohio, Florida and North Carolina.
Oak Hill has been a partner with the MetroNet team since 2014. Other Oak Hill broadband investments in the US include Vexus Fiber, which serves Texas and surrounding states; Future Fiber Holdings, in the Northeast; and Race Communications in California and the surrounding states. For its part, KKR has made FTTP-related investments in the UK, Italy, Germany, Netherlands and Chile.