American telecommunications service provider Altafiber (formerly Cincinnati Bell) announced today that it has raised $600 million in new funds to support the company’s ongoing construction of fiber optic networks in existing and expanded markets in Ohio, Kentucky, Indiana, and Hawaii. In addition to continuing to upgrade its current network, these new funds will also enable Altafiber to expand its opportunistic advantages and community cooperation strategy, fulfill its mission, provide individuals and businesses with the fastest, most reliable, and future-oriented fiber optic network, while maintaining its commitment to the communities it serves.
Since the end of the “privatization” transaction in September 2021, the company’s fiber optic network has covered approximately 300000 addresses, currently covering over 1.1 million households. The company expects to complete the fiber optic construction of each household unit in the Greater Cincinnati region by the end of 2023, and to complete the construction of a state wide fiber optic network in Hawaii by the end of 2027.
Based on the previously announced expansion of the market, Altaffiber now plans to expand its gigabit fiber network to approximately 400000 households outside of its existing areas. These new markets include communities in Ohio, Kentucky, and Indiana, including but not limited to Butler County, Warren County, and Green County in Ohio; Boone County, Kenton County, and Campbell County in Kentucky; And regional cities such as Dayton, Dublin, Middletown, Wayne sville, Xenia, Lawrence burg, and Greendale.
This equity financing is fully supported by existing investors, Macquarie Asset Management, funds managed by Ares Management, and supporting investors.