Brightspeed Announces Initial Fiber Build Markets for Ohio

Rhea-AI Summary

Brightspeed announced a major fiber optics network expansion in Ohio, targeting over 170,000 potential customers by the end of 2023. The company plans to invest at least $2 billion to reach up to 3 million homes and businesses over five years, with a total of 380,000 fiber passings expected. The roll-out will occur in multiple counties, enhancing access to high-speed internet. Regulatory approvals for the acquisition of Lumen Technologies by Apollo-managed funds are anticipated in Q3 2022, with transaction closure expected in Q4.

Positive

• Investment of at least $2 billion to enhance fiber optics network.
• Expected reach of 3 million homes and businesses within five years.
• Introduction of ultra-fast and reliable broadband services in Ohio.

Negative

• None.

Gig-Speed Fiber Optics Network to Reach Over 170,000 Potential Customers in Ohio by End of 2023

CHARLOTTE, N.C., June 29, 2022 /PRNewswire/ -- Brightspeed today announced that it will build a substantial portion of its planned fiber optics network in Ohio, where it expects to deliver, by end of 2023, over 170,000 new fiber passings in portions of a dozen counties in the first phase of construction in the state. Brightspeed plans an additional 210,000 fiber passings in the state in subsequent years of its build plan, for a total of over 380,000 fiber-enabled locations across its Ohio operating territory.

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 rural and suburban locations where fiber and advanced technology have not historically been deployed. 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 has been ramping its network design and construction preparations across its multi-state territory as it continues progress toward day one operations.

"We are thrilled to share details about our network transformation plans for our Ohio footprint," said Chris Creager, Chief Administration Officer of Brightspeed. "Access to ultra-fast, ultra-reliable broadband is simply a necessity across all aspects of daily life for today's households and businesses. There's no better, more proven technology than fiber-to-the-prem (FTTP) to meet this need, now and for the foreseeable future. We believe Ohioans will welcome a new competitive choice for internet and Wi-Fi, and we can't wait to introduce our high-quality products and our simple, straightforward approach to doing business."

Brightspeed's 2022-2023 build plan for Ohio will bring faster, more reliable Internet and Wi-Fi initially to over 170,000 residential and commercial locations in markets within Allen, Crawford, Darke, Defiance, Henry, Logan, Lorain, Richland, Trumbull, Union, Van Wert, and Wayne counties.

"In addition to our own significant build in Ohio, we are looking forward to the opportunity to work with key stakeholders like BroadbandOhio at state and local levels to expand the reach of our advanced fiber network to even more communities," added Creager.

"Today's announcement will be encouraging news for those lacking access in these counties," said Ohio Lt. Governor Jon Husted. "You cannot be part of the modern economy, education system, or healthcare system without access to high-speed internet. That is why, since the beginning of this administration, we have worked to bring broadband to every Ohioan, from forming BroadbandOhio, to awarding $232 million in grants to increase connectivity. These efforts, along with supporting private investments, will make expanded internet a reality, further closing the digital divide."

Brightspeed's mission is to expand and enhance internet access for customers throughout its operating region. The company's state-of-the-art technology leverages XGS-PON, an architecture supporting symmetrical internet speeds that exceed 1Gbps, and Wi-Fi 6, the latest wireless networking standard for better speed and performance within today's device-packed homes and offices.

Brightspeed plans to announce its other state-specific network build plans 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-ohio-301577954.html

SOURCE Brightspeed

FAQ

What is Brightspeed's investment plan for Ohio?

Brightspeed plans to invest at least $2 billion to enhance its fiber optics network in Ohio, targeting over 170,000 potential customers by the end of 2023.

How many fiber passings does Brightspeed plan for Ohio?

Brightspeed expects to provide a total of over 380,000 fiber passings across Ohio, with an initial build of 170,000 locations.

When is the acquisition of Lumen Technologies expected to close?

The acquisition of Lumen Technologies by Apollo-managed funds is expected to close in early Q4 2022 following regulatory approvals.

What counties in Ohio will benefit from Brightspeed's network expansion?

Brightspeed's network expansion will target counties including Allen, Crawford, Darke, Defiance, Henry, Logan, Lorain, Richland, Trumbull, Union, Van Wert, and Wayne.