Altafiber has raised $600m (€545m) in new funding from existing investors including Macquarie Asset Management and Ares Management.
The US fibre network provider said the equity raise, which was also backed by co-investors, would be used to grow the business and help with the continued construction of the company’s networks into new markets.
In 2020, Altafiber, then known as Cincinnati Bell, agreed to be bought by Macquarie for $2.9bn. At the time, certain Ares funds also agreed to provide equity financing for the transaction.
Altafiber said that since the close of the take-private transaction in September 2021, the company has passed 300,000 addresses with fibre adding up to a total of over 1.1m homes passed with fibre.
Altafiber said it now has plans to expand its fibre network to around 400,000 homes outside of its incumbent territories into new markets including in Ohio, Kentucky, and Indiana communities.
Leigh Fox, president and CEO of Altafiber, said: “The combination of our operational expertise and this new funding will allow us to continue to invest in fibre, expand our geographic reach, and help to create digital equity in many rural and suburban communities.”
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