Brightspeed Announces Initial Fiber Build Markets for Texas

Rhea-AI Summary

Brightspeed has announced a major fiber optics network build in Texas, aiming to reach over 120,000 potential customers by the end of 2023. This initiative is part of a $2 billion investment to enhance internet connectivity in multiple states, with plans to expand to a total of 280,000 fiber passings in Texas. The project is linked to the acquisition of Lumen Technologies' assets by Apollo-managed funds, subject to regulatory approval. The initiative is set to bring faster internet services to various communities, boosting broadband access significantly.

Positive

• Investment of $2 billion into fiber optics network.
• Plans to reach up to 280,000 fiber passings in Texas.
• Initial rollout will serve over 120,000 potential customers.
• Expected to enhance internet service quality in underserved areas.

Negative

• None.

Advanced FTTP Network to Reach Over 120,000 Potential Customers in Texas by End of 2023

CHARLOTTE, N.C., June 15, 2022 /PRNewswire/ -- Brightspeed today announced details for its planned fiber optics network build in the state of Texas. By the end of 2023, the company will deliver over 120,000 new fiber passings in the first phase of deployment in the state. Brightspeed plans to add 160,000 more passings in its Texas operating territory – for a total of up to 280,000 – in subsequent years of the network build.

Brightspeed 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, and to close the transaction in early fourth quarter of this year.

The Texas build is part of Brightspeed's comprehensive plan to invest at least $2 billion in its multi-state 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.

"We believe all customers should have access to the highest-quality, most user-friendly internet service possible. Brightspeed's mission is to expand and accelerate the availability of internet connectivity that will enable our communities to thrive," said Chris Creager, Chief Administration Officer of Brightspeed. "We have an incredible team in place that knows how to execute this critical copper-to-fiber technology transformation. We are thrilled for the opportunity to bring our Brightspeed services to the customers in our Texas footprint."

Brightspeed's 2022-2023 build plan will bring faster, more reliable internet and Wi-Fi services to over 120,000 residential and business locations in portions of the Atascocita, Killeen, Kings Crossing, and Port Aransas communities. These new fiber-enabled addresses are incremental to 26,000 existing fiber passings that Brightspeed will assume upon the close of the transaction between the Apollo funds and Lumen.

"I am excited to welcome Brightspeed's investment in Texas," said Texas Comptroller Glenn Hegar. "My agency was tasked with creating Texas' first-ever broadband development office with a goal to expand high-speed internet access to areas most in need. Brightspeed's commitment to developing connectivity solutions and expanding fiber based-internet access in Texas is an encouraging development towards reaching that goal."

After the close of the transaction between the Apollo funds and Lumen, Brightspeed will begin to sign customers onto its network. Brightspeed will be pioneering technology innovations designed to help the company accelerate network deployment and market availability of XGSPON-based internet services with symmetrical speeds that exceed 1Gbps.

Brightspeed plans to announce its other state-specific build information over the coming weeks.

For more information about Brightspeed, visit the company's website, www.brightspeed.com.

About Brightspeed
Headquartered in Charlotte, N.C. and expected to have assets and associated operations in 20 states, Brightspeed will provide broadband and telecommunications services through a network platform capable of serving more than 6 million homes and businesses. The company aims to bridge the digital divide by deploying a state-of-the-art fiber network and a customer experience that makes staying connected simple and seamless. For more information about Brightspeed, visit the company's website, www.brightspeed.com.

Media

Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
pr@brightspeed.com

View original content:https://www.prnewswire.com/news-releases/brightspeed-announces-initial-fiber-build-markets-for-texas-301568337.html

SOURCE Brightspeed

FAQ

When will Brightspeed's fiber network in Texas be operational?

Brightspeed's fiber network in Texas is expected to reach over 120,000 potential customers by the end of 2023.

How many fiber passings will Brightspeed add in Texas?

Brightspeed plans to add a total of 280,000 fiber passings in Texas.

What is the financial investment Brightspeed is making in fiber optics?

Brightspeed is investing at least $2 billion in its multi-state fiber optics expansion.

What company assets is Brightspeed acquiring?

Brightspeed is acquiring the incumbent local exchange carrier assets from Lumen Technologies.

What speeds will Brightspeed's internet services provide?

Brightspeed's internet services are expected to offer symmetrical speeds exceeding 1Gbps.