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Brightspeed announces fiber build markets for AlabamaIndustry Announcements, , 6/22/2022
CHARLOTTE, N.C. – Brightspeed today outlined its planned fiber network build for the state of Alabama. By the end of 2023, Brightspeed will finish the first phase of construction and deliver over 60,000 new fiber passings across several counties in the state. In subsequent years of its network initiative, the company plans to add another 60,000 fiber passings for a total of up to 120,000 new fiber-enabled locations in its Alabama footprint. Alabama is one of the 20 states forming Brightspeed's operating territory, covering mainly rural and suburban regions of the country. The company will initially be comprised of the incumbent local exchange carrier (ILEC) assets and associated operations of Lumen Technologies (NYSE: LUMN), which are the subject of a pending acquisition by Apollo-managed funds (NYSE: APO). The parties expect to obtain regulatory approvals in the third quarter of this year, and to close the transaction in early fourth quarter. Brightspeed will invest at least $2 billion in its fiber optics transformation, which is expected to reach up to 3 million homes and businesses over the next five years, including in many locations where fiber and advanced technology have not historically been deployed. Brightspeed plans to bring faster, more reliable Internet and Wi-Fi initially to over 60,000 residential and commercial locations over the next 18 months in markets within Baldwin, Covington, Dale, Elmore, Fayette, Geneva, Henry, Pickens, and Tallapoosa counties. These new locations will augment the more than 10,000 existing fiber passings Brightspeed will assume upon the close of the transaction between the Apollo funds and Lumen. Read the full press release here. |
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