Xplornet To Be Acquired By U.S. Company
SAINT JOHN – A New Brunswick-based internet service provider is being acquired by a U.S. company.
Xplornet has entered into a binding agreement with private-equity firm Stonepeak Infrastructure Partners.
The transaction, announced Thursday, must still be approved and is expected to close in the coming month. Xplornet hasn’t officially released the value of the sale, but Bloomberg has reported, citing people familiar with the matter, that it will be sold for about $2 billion.
“We are excited that Stonepeak has agreed to acquire Xplornet and is strongly committed to continuing our mission of providing rural Canadians with world-class broadband services,” said Allison Lenehan, president and CEO of Xplornet, in a statement.
“Stonepeak’s investment will position Xplornet to accelerate development of our facilities-based broadband network and services, enabling much faster speeds, including unlimited data plans at affordable prices for rural Canada.”
Lenehan and the current executive team will continue leading Xplornet and the company will remain headquartered in Woodstock, N.B.
Xplornet provides fixed and wireless internet to rural customers across the country.
Brad Perry is the news director for CHSJ/Country 94, a Huddle content partner.