Lightower Fiber Networks and Sidera Networks announce they have signed a definitive agreement for a transaction valued at over $2 billion led by Berkshire Partners, a Boston-based investment firm, and management, to acquire and merge both companies. Current Lightower CEO, Rob Shanahan, will lead the new combined company, which will be called Lightower.The merger is expected to close in the second quarter of 2013. Additional terms of the deal were not disclosed.
Once merged, the combined company will operate a high-performance, fiber-based network throughout the Northeast, Mid-Atlantic and Midwest, with connections to critical landing sites and international exchanges.
The combined network will have broad reach and scale and offer customers over 20,000 route miles and access to more than 6,000 on-net locations, including commercial buildings, data centers, financial exchanges, content hubs and other critical interconnection facilities. Combining both companies will also accelerate the strategies of both companies to provide best-in-class, fiber-based networking solutions to enterprise, carrier and government customers.
Rob Shanahan, CEO of Lightower, commented: “Both companies have a shared vision of network excellence, customized solutions and superior customer support. Once merged, we will offer customers more services, more routes and more access options with the same high levels of performance, diversity, reliability and support that our customers have come to expect from us.”
“The broad reach and scale of our combined network, the cumulative expertise of our dedicated employees and our shared passion for customer service and satisfaction will set the new company apart and deliver tangible benefits to our customers,” added Mike Sicoli, CEO of Sidera.
To read the full press release, visit http://www.lightower.com/lightower-fiber-networks-to-merge-with-sidera-networks/.