Xplornet sale valued at $2.2 billion: Moody’s

WOODSTOCK, N.B. — While assigning a stable ratings outlook to rural broadband and Manitoba mobile wireless provider Xplornet today, Moody’s Investors Service provided some details about the buyout transaction announced in February that will see U.S. private equity firm Stonepeak Infrastructure Partners acquire a controlling interest in the company. As previously reported, Xplornet’s current chairman of the board, Steve Weed and his fund WaveDivision Capital, remain material investors in the company. The transaction is still subject to regulatory approval and is expected to close in the coming months. According to Moody’s, proceeds from a new, almost $1.3-billion senior secured term...