US fixed broadband operator altafiber, formerly known as Cincinnati Bell, and also providing services in Hawaii under the brand Hawaiian Telcom, has successfully raised USD 600 million in new funding to strengthen its fibre network expansion efforts. The company announced last Tuesday that its primary focus is on upgrading its existing fibre infrastructure and expanding into new markets across Ohio, Kentucky, Indiana, and Hawaii.
Funding for Fibre Network Expansion
altafiber said this new funding will support the expansion of its fibre networks in both existing and new markets. The company has already made substantial progress since its "take-private" transaction in September 2021.
altafiber has passed approximately 300,000 addresses with fibre and plans to complete the construction of fibre to every single-family unit within Greater Cincinnati by the end of 2023.
Additionally, altafiber aims to complete the construction of Hawaii's statewide fibre network by the end of 2027. The company also disclosed that it has now passed fibre to over 1.1 million homes.
New Expansion Markets
In addition to its incumbent territories, altafiber has announced plans to expand its multi-gigabit fibre network to approximately 400,000 homes in Ohio, Kentucky, and Indiana communities.
These expansion markets include specific counties and cities, including Butler, Warren, and Greene Counties in Ohio, as well as Boone, Kenton, and Campbell Counties in Kentucky, along with regional cities such as Greater Dayton, Dublin, Middletown, Waynesville, Xenia, Lawrenceburg, and Greendale.
According to altafiber, the equity raise was supported solely by existing investors, including funds managed by Macquarie Asset Management, Ares Management, and co-investors.
Cincinnati Bell now operates under the brand name "altafiber" in Ohio, Kentucky, and Indiana. The company offers a range of integrated communication solutions, including high-speed internet, video, voice, and data services, over its fibre-optic network. Additionally, it provides services in Hawaii under the brand "Hawaiian Telcom."