Today there was some fiberoptic network M&A down in Texas and Oklahoma. LOGIX Communications has agreed to be acquired by an investor group led by Astra Capital Management.
LOGIX operates 1,000 route miles of metro fiber connecting some 2,500 buildings and some 11,000 enterprises in seven markets across the region. When founded, the company and its predecessors operated more at the CLEC and ISP level, but in the last 5 years they have been spending more and more on their fiber footprint, hooking up enterprise and SMB customers at a rapid pace. Astra’s purchase will bring additional capital to expand on that growth.
There had been rumors now and then that LOGIX Chairman and Founder Ron Henriksen was looking for a buyer, a few of which centered on TelePacific after its own entry into the Texas market. But private equity stepped in instead, which shouldn’t surprise anyone after so many similar deals over the last 5-6 years.
As usual with a private equity purchase of a privately held fiber operator, financial terms were not disclosed. Also participating with Astra are Wafra Investment Advisory Group, and DB Private Equity. Brightwood Capital Advisors is providing debt financing.
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