Secures All Required State Approvals to
Support Expansion of Fiber-Based Internet Investment Across Its
Multistate Territory
Apollo/Lumen Transaction on Track to Close in
Early Fourth Quarter 2022
CHARLOTTE, N.C., June 30,
2022 /PRNewswire/ -- Brightspeed today announced that
it has now secured all necessary state-required regulatory
approvals in the 20 states that comprise its operating footprint,
marking a significant milestone as the company readies for day one
operations.
Brightspeed plans to invest more than $2
billion to build a network that will bring faster, more
reliable Internet and Wi-Fi to communities throughout the Midwest,
Southeast, and certain parts of Pennsylvania and New
Jersey. The company's fiber optics transformation 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.
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 are
working to obtain final regulatory approval from the FCC in the
third quarter of this year, and to close the transaction in early
fourth quarter.
"This is an incredibly exciting and historic moment for our new
company," said Tom Dailey, Vice
President of Public Policy and Government Affairs for Brightspeed.
"These approvals are tangible affirmation of the importance of
closing the digital divide in communities across the country, and
of the value Brightspeed can bring toward achieving this goal. We
believe all customers should have access to the best broadband
possible, whether they connect to our legacy copper network or to
our new fiber platform. We are grateful to the state regulators and
to our Lumen counterparts who worked diligently with us over these
last few months to complete these approvals."
Brightspeed's next-generation FTTP architecture is being
engineered to help accelerate deployment and market availability.
The company is utilizing the latest technology innovations,
including XGS-PON, which is capable of symmetrical internet speeds
exceeding 1Gbps, and Wi-Fi 6 for optimal performance and coverage
to support the multitude of connected devices within homes and
businesses.
"While we need final FCC approval before we can bring customers
onto our network, our Strategy and Operations teams have been
working nonstop on the design, construction, and supply chain
preparations necessary to hit the ground running on day one,"
Dailey added. "We will be well-equipped to quickly deliver on our
mission to bring fast, reliable Internet and Wi-Fi to more homes
and businesses."
For more information about Brightspeed, please 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, please visit the company's website,
www.brightspeed.com.
Media
Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
pr@brightspeed.com
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SOURCE Brightspeed