Globe and Mail Highlights Xplornet Announcement
The Globe and Mail is helping us spread the good news
Last week brought big news for rural Canadians. Xplornet announced that they have closed an acquisition deal with Stonepeak Infrastructure Partners. This agreement not only represents a new chapter for Xplornet, but for the evolution of Internet service in rural Canada.
The Globe and Mail’s Alexandra Posadzki captured this milestone in a June 11 article titled “Xplornet says private equity backing will mean more investment in high-speed internet for rural Canada.”
She painted a picture of the current demand for rural broadband access, which underlines the importance of Stonepeak’s investment in rural Canada.
“Rural connectivity has come into focus in recent months as Canadians have shifted to working and learning from home amid the COVID-19 pandemic,” she wrote.
An investment that will fast-track our plans
Last year, Xplornet committed $500-million to upgrading and expanding our nation-wide network of fibre, fixed wireless and satellite Internet infrastructure to bring expanded Internet connectivity to rural Canadians.
“The company’s sale to New York-based infrastructure investment firm Stonepeak Infrastructure Partners, which closed Wednesday, will substantially increase that investment and allow Xplornet to move more quickly,” wrote Posadzki.
A partner with a similar vision
Stonepeak partner Brian McMullen was quoted in the article on what attracted his firm to invest in Xplornet:
“We’re still early days in terms of getting high-speed broadband into the household and into small businesses in places where internet is tough to deliver,” said Mr. McMullen, “We think there’s a long-term opportunity here to get the network infrastructure assets constructed – building more towers, building more fibre in places where it doesn’t exist today.”
What this means to you
What does this deal mean for rural Canadians and Xplornet customers? It marks the beginning of an accelerated network expansion, with faster upgrades to the network bringing customers an even better online experience. With this critical investment, Xplornet will be able to close the gap between urban and rural Canada so that Canadians can stay connected to what matters to them, no matter where they choose to live.
The full Globe and Mail article can be found here.