MONTREAL – Canadian private equity firm Novacap is buying Ohio-based telco Horizon Telcom. Financial terms of the transaction were not disclosed.
Novacap said Thursday that it will continue to work with Horizon’s existing management team and invest to grow the business throughout the region. Upon completion of the acquisition and the finalization of new fibre builds, Horizon will operate 550,000 strand miles of fibre and 4,500 route miles of fibre in six states, reads the news release. With additional capital, Horizon intends to enhance its presence in the Columbus, Ohio market and extend its existing network closer to customer premises.
"Horizon has constructed a first-rate fiber-optic network and developed an outstanding reputation with customers," said Novacap senior partner Ted Mocarski, in the release. "The acquisition of Horizon will represent the stepping-stone for Novacap's vision of creating a multi-state fiber-optic provider in the Midwest. Horizon will continue to strive to offer comprehensive solutions to regional enterprises and telecommunications carriers, while also maintaining focus on providing the highest levels of customer service to the company's local business communities."
The transaction is expected to close in the second quarter of 2018, following the satisfaction of customary regulatory approvals.
Horizon began as a local telephone company over 120 years ago and has since transitioned into a regional provider of fibre-optic based services through investments in its network and facilities.
