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Provo Utah, sells Fiber-Optic Network to Broadweave
The Mayor of US city, Provo, Utah, Lewis K. Billings has sold the city’s fiber-optic system to local commercial service provider Broadweave Networks.
Mayor Billings announced the privatization of the system, known as iProvo, during his annual budget speech.
iProvo is the biggest community owned fiber-optic network in America, available to all 36,000 homes and businesses in the city.
The iProvo fiber-optic network connects homes, businesses, schools and even the city’s traffic signals at speeds around 1,000 times faster than DSL or cable.
Broadweave is set to pay $40.6 million, which will pay off the bonds taken out by the city to create the system.
Under the terms of the deal, which still has to be approved by the municipal council, Provo will retain use of the network for connecting city buildings, schools, and power infrastructure, while Broadweave will be the network owner and service provider.
Broadweave’s Fiber-To-The-Home (FTTH) network will deliver Internet, telephone, and TV, through its “Triple-Weave” services.
Private equity firm, Sorenson Capital, a Salt Lake City company, will invest in Broadweave Networks, giving it the capital to make the purchase possible in June this year.
Broadweave intends to place a heavier emphasis on business customers, and also intends to substantially invest in upgrades to the city’s existing system, giving additional capacity, new features, and improved performance for business users.
A year ago, Provo City requested proposals from private companies to provide telecommunications services, allowing for the privatization of the network.
At the end of 2007, Broadweave expressed an interest and the two parties agreed a non-disclosure agreement which would allow them to begin their due diligence process, which has resulted in the asset purchase agreement.
Broadweave details
Broadweave Networks offers its “Triple-Weave” voice, video, and data services through their Fiber-To-The-Premises (FTTP) networks, to new planned communities.
Sorenson Capital details
Sorenson Capital operates in the West and Mountain West states and is a private equity firm specializing in small- to middle-market buyouts and investments.
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