At Metro Connect, one of the bigger rumors making the rounds was that FirstLight Fiber was on the market. This morning, that rumor became a deal. Antin Infrastructure Partners has entered into a definitive agreement to buy the company from Oak Hill Capital Partners.
Oak Hill bought FirstLight in a deal announced a month shy of two years ago. They then promptly used it as a consolidation platform and also bought Oxford, Sovernet, Finger Lakes Technology Group, and 186 Communications. FirstLight's network now stretches over 14,000 route miles and hooks up almost 8,000 locations. With that accomplished (although I'm sure there is integration work still ongoing), they are handing the reins to Antin.
Now we will get to see what Antin has in mind. Is it time for a shift toward the organic side of things? Or will we see them make the next logical inorganic move and make a move beyond the northeast. Everstream is geographically adjacent and is also known to be running a process after all. Antin is based over in Paris and London, and its other fiber holding is Eurofiber.
Financial terms were not disclosed. Bank Street and TD Securities advised FirstLight and Oak Hill, while UBS Investment Bank did the same for Antin.