BOCA RATON, FL and TORONTO — Global digital infrastructure investor Digital Colony announced Tuesday afternoon it is acquiring independent fibre-optic network provider Beanfield Technologies Inc. for an undisclosed sum.
Toronto-based Beanfield’s portfolio includes 366 route kilometres of pervasive and dense metro fibre infrastructure in Toronto and Montreal and more than 76,000 strand kilometres of fibre infrastructure, representing an average of 208 strands per route kilometre. The company also has 541 on-net locations, including 367 commercial locations, 161 multi-dwelling units and 13 data centres, according to a news release issued by Digital Colony. Cartt.ca profiled Beanfield here.
“Beanfield’s network connects to virtually all of Toronto’s major commercial buildings, apartment complexes and data centres, and the company serves some of the largest and highest value customers in the Canadian market,” said Steven Sonnenstein, a managing director at Digital Colony, in the news release. “The company’s executive team, led by founder and CEO Dan Armstrong, has done a fantastic job creating a leading, Tier 1-market bandwidth provider that is primed to capitalize on an evolving Canadian telecommunications market. As the region’s MNOs look for new and shared infrastructure solutions, we are excited to support Beanfield and help the company continue to grow.”
Beanfield CEO Armstrong added: “As our customers require more bandwidth and faster speeds, our goal is to not only meet their increasing needs, but also find new ways to support them with access to additional resources and Digital Colony’s vast experience in indoor and outdoor small cells. We are extremely happy to partner with Digital Colony. Their support, guidance and sector expertise will be key assets as we enter new markets and verticals, and broaden our carrier, commercial and large-scale residential customer base.”
Davies Ward Phillips & Vineberg LLP served as legal counsel to Digital Colony Partners and TD Securities led on debt financing. DLA Piper served as legal counsel to Beanfield and The Bank Street Group LLC acted as the firm’s financial advisor.
[Ed. note: This is the second prominent Canadian company to be bought up by Digital Colony this year. In May, Digital Colony completed its $720-million acquisition of Cogeco Peer 1, Cogeco Communications’ business information and communications technology services subsidiary. In August, Cogeco Peer 1 changed its name to Aptum Technologies, as reported by Cartt.ca.]
