Xplornet Communications, a rural area telecommunication company, today completed its sale to Stonepeak Infrastructure Partners, a private equity firm, for an undisclosed amount.
The agreement was first announced on Feb 27. In its initial press release, Stonepeak Infrastructure Partners said it is “committed to supporting the existing Xplornet business plan focused on Canadian rural broadband.”
Xplornet Communications provide internet services to rural Canada through satellite and fixed wireless technologies. It also operates Xplore Mobile, a rural area mobile service. In 2014, the Xplornet Communications touted 240,000 subscribers. The company is eyeing to expand its services on 5G.
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“This deal will enable Xplornet to expand coverage, increase investment, and accelerate improvements to our broadband network. For our customers, this means unprecedented speeds, unlimited data plans, and 5G services at affordable prices. Rural Canadians deserve access to the same quality of broadband as in urban Canada. It is time to go faster,” said Allison Lenehan, president of Xplornet.
On Sept. 12, Xplorenet announced that it has secured 5G wireless spectrum in every province. According to the 600MHz 5G spectrum auction results, Xplornet Communications paid CA$35.7 million for four licenses capable of covering 3.6 million Canadians.
In addition to 5G development efforts, Xplornet Communications has also been expanding its fixed broadband network over fibre. On Feb. 7, the company announced that it’s adding fibre and 5G infrastructure to deliver faster internet to 24,000 rural homes and businesses in Nova Scotia.