CH& Client WaveDivision Capital Closes Two Significant Deals
Cairncross & Hempelmann represented WaveDivision Capital (“WDC”) and its management team in connection with two significant deals. Dwight Wheaton and Samantha Waltz led the Cairncross & Hempelmann team.
In partnership with Searchlight Capital Partners, WDC acquired the Northwest operations and assets of Frontier Communications which provides residential and business internet, phone and TV subscriptions across Washington, Oregon, Idaho, and Montana. The new company will operate as Ziply Fiber™ going forward. The $1.352 billion acquisition was announced in late May 2019.
“We are excited to be partnering with Searchlight on this opportunity to acquire Frontier’s operations in the Northwest,” said Steve Weed, CEO of WDC, and Founder and former CEO of Wave Broadband. “We have a proven track record of customer satisfaction by providing fast, reliable internet connectivity combined with great service and support. Having grown up in the Northwest, I’m excited to be able to continue to serve by community through this new venture.”
In June 2019, WDC announced that it had sold a controlling interest in Xplornet Communications Inc., Canada’s largest rural-focused broadband service provider, to Stonepeak Infrastructure Partners. This deal marks Stonepeak’s second telecommunications investment in Canada and demonstrates the company’s commitment to supporting the existing Xplornet business plan focused on Canadian rural broadband. WDC will remain a material investor in Xplornet.
Founded in 2003 by broadband entrepreneur Steve Weed, WaveDivision Capital, headquartered in Kirkland, Washington, is a private investment firm focused on the broadband industry. Learn more about WDC at www.wavedc.com.