Canada’s largest rural-focused broadband service provider Xplornet has today announced the completion of its sale to Stonepeak Infrastructure Partners. With the transaction receiving all regulatory approvals and completing new financing for a fully capitalized business, Stonepeak now has the controlling stake in Xplornet.
Xplornet now has a new owner, the fresh new capital, and a renewed ambition to improve broadband services for rural Canadian homes and businesses. The deal will enable Xplornet to expand coverage, increase investment, and improve its broadband network.
“We are thrilled to complete our sale to Stonepeak and begin the next chapter of Xplornet. Rural Canadians deserve world-class broadband and we are fixated on delivering for them. We know there is more work to do,” said Allison Lenehan, President and CEO of Xplornet.
Meanwhile, North American focused infrastructure firm Stonepeak, which manages $24.4 billion USD of assets for its investors, is fully committed to supporting the existing Xplornet business plan.
Brian McMullen, Senior Managing Director and head of Stonepeak’s communications and digital infrastructure business added: “We are delighted to partner with Allison and the Xplornet team to build upon the premier broadband provider they have established. In an increasingly digital society, we believe there is an opportunity to deliver faster speeds and greater coverage, supporting the ability to work from home, distance learning, more connected devices and shifting entertainment mediums.
Last year, Xplornet had announced that it will invest $500 million over the next five years to deploy state-of-the-art hybrid fibre wireless and satellite technology across rural Canada.