Xplornet officially announces its sale to U.S. PE firm

WOODSTOCK, N.B. — Rural broadband and Manitoba mobile wireless provider Xplornet Communications announced Thursday it has agreed to be acquired by U.S. private equity firm Stonepeak Infrastructure Partners. Stonepeak will acquire a controlling stake in Xplornet, while the company’s current chairman of the board, Steve Weed, and his fund WaveDivision Capital, will remain material investors in the company, the news release says. The transaction remains subject to regulatory approval and is expected to close in the coming months. Thursday’s announcement comes after reports earlier this week from The Globe and Mail and Bloomberg.com, saying the acquisition deal was in the...