Funds managed by global investment firm KKR and long-time partner, Oak Hill Capital, and management, have invested in MetroNet. As part of the transaction, Oak Hill and KKR will each make new investments to help accelerate MetroNet’s growth in building and connecting fiber-to-the-premise data, television, and telephone services to homes and businesses.
“We value our long-standing partnership with Oak Hill and are proud to welcome our new investors at KKR,” said John Cinelli, MetroNet CEO. “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 percent fiber optic services for living, learning, and connecting to each other. We look forward to maintaining our commitment to excellence in serving our customers and communities.”
“We believe that reliable, high-speed access to the Internet represents a fundamental underpinning of economic growth and equal opportunity for all Americans, from small towns to big cities,” said Benjy Diesbach and Scott Baker, partners at Oak Hill. “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 fiber network to many more underserved American communities.”
“MetroNet has set itself apart as the leading independent FTTP provider in the U.S., well-known for its high quality technology, exceptional customer service and local operations,” said Waldemar Szlezak, a senior leader on KKR’s infrastructure investment team. “We are thrilled to be supporting MetroNet, alongside Oak Hill, on its mission to deliver much-needed broadband access across the U.S., a market that is well behind its peers in FTTP connectivity.”
Bank Street Group LLC and Goldman Sachs & Co. LLC served as co-lead financial advisors to MetroNet in connection with this transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Polsinelli served as legal counsel to MetroNet. TD Securities served as advisor to Oak Hill. Simpson Thacher served as legal counsel to KKR.