US fibre optic network company MetroNet is receiving an undisclosed amount of capital injection, from its long time partner Oak Hill Capital and from funds managed by KKR, to help accelerate fibre rollout across the country.
“We value our long-standing partnership with Oak Hill and are proud to welcome our new investors at KKR,” said John Cinelli, MetroNet CEO.
Cinelli said the additional investments from Oak Hill and KKR will drive growth that further bridges the digital divide by providing hundreds of thousands of additional households access to world-class and future proof 100% fibre optic services for living, learning and connecting to each other.”
KKR will be making the investment through its global infrastructure strategy.
Waldemar Szlezak, a senior leader on KKR’s infrastructure investment team, said: “MetroNet has set itself apart as the leading independent fibre to the premises (FTTP) provider in the US, well-known for its high-quality technology, exceptional customer service and local operations.
“We are thrilled to be supporting MetroNet, alongside Oak Hill, on its mission to deliver much-needed broadband access across the US, a market that is well behind its peers in FTTP connectivity.”
KKR’s previous investments in the fibre sector include investing in FiberCop in Italy, Hyperoptic in the UK and Deutsche Glasfaser in Germany. Most recently, KKR announced the creation of independent open-access wholesale fibre optic network companies in both Chile and in the Netherlands.
Benjy Diesbach and Scott Baker, partners at Oak Hill, said: “We are excited to build upon our seven-year partnership with MetroNet’s outstanding management team, led by John Cinelli, as the company expands its fibre network to many more underserved American communities.”
Oak Hill has been a partner with the MetroNet team since 2014. Oak Hill’s other US broadband investments include Vexus Fiber, Future Fiber Holdings in the Northeast and Race Communications in California and surrounding states.
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