Fiber Network Build Expected to Deliver Over 1
Million New Fiber Passings by the End of 2023
Company Is Making Significant Investments in
an Exceptional Service Experience for New and Existing
Customers
CHARLOTTE, N.C., Oct. 3, 2022
/PRNewswire/ -- Brightspeed today announced it has begun
operations as a new company following the completion of the
previously announced acquisition of incumbent local exchange
carrier (ILEC) assets and associated operations across 20 states
from Lumen Technologies (NYSE: LUMN) by Apollo-managed funds (NYSE: APO).
Brightspeed is now the nation's fifth largest ILEC, with a
service territory encompassing more than 6.5 million locations in
mainly rural and suburban communities across the Midwest,
Southeast, and parts of Pennsylvania and New
Jersey. Through its local fiber and copper networks,
Brightspeed provides internet and voice offerings to residential
and small business customers. For enterprise and wholesale
customers, Brightspeed offers high-speed connectivity, voice,
networking, and managed services to support more complex working
environments.
The company has also officially commenced the buildout of its
state-of-the-art fiber optics network. Brightspeed plans to
complete over 1 million new fiber passings across 17 states during
the initial phase of construction through the end of 2023.
Brightspeed's planned investment of at least $2 billion in its fiber network transformation
will bring faster and more reliable internet service to more than 3
million homes and businesses over the next five years, primarily
targeting locations where fiber and advanced technology have not
historically been deployed.
"After more than a year of preparation, we are thrilled to
officially begin serving customers as Brightspeed, and to start
work to accelerate reliable connectivity for existing and new
customers across our footprint," said Bob
Mudge, chief executive officer of Brightspeed. "We believe
internet equals opportunity for households and businesses alike and
are committed to making an impact on the rural-urban digital
divide. We are fortunate to have an exceptional strategic partner
in Apollo, whose significant
investment speaks volumes about the potential of our service area
and what fiber technology can do to further the growth and
competitiveness of our communities."
"This is a milestone achievement for Brightspeed," said
Aaron Sobel, private equity partner
at Apollo. "Since the transaction
was first announced a little over a year ago, the need for faster,
more reliable connectivity in underserved communities has only
continued to grow. Brightspeed has a once-in-a-generation
opportunity to bring advanced fiber technology to millions of
customers. Having worked alongside Bob and the Brightspeed team
since the beginning, I could not be more confident in their
leadership and the company's readiness to achieve its mission. We
look forward to supporting the business over the long term as it
scales its next-generation network."
Next-generation technology
Brightspeed's
leading-edge Fiber-to-the-Premises (FTTP)
network will leverage XGS-PON technology to deliver up
to 10 Gbps download and upload internet connections.
In addition, the company will use Wi-Fi 6, the latest
wireless networking standard for optimal speed and performance
within today's device-dense homes and offices.
Brightspeed will begin building out its fiber network in 13 of
the 20 states in its footprint by the end of 2022. These locations
will be incremental to the 200,000 existing fiber-enabled addresses
that Brightspeed assumed upon the close of the transaction. The
Brightspeed team – with the support of a blue-chip roster of supply
chain partners – has been working diligently to ensure necessary
materials, equipment, and systems are in place to enable the
ambitious build. More information about specific locations and
service offerings will continue to be available at
www.brightspeed.com.
The Brightspeed commitment
With the close of the
acquisition, Brightspeed welcomes nearly 3,400
employees to the company, bringing an extensive depth of knowledge
and expertise in serving customers across its footprint.
Collectively, the Brightspeed team is dedicated to
providing access to the best service possible and an exceptional
customer experience for both copper and fiber customers. The
company is underscoring this commitment by immediately expanding
its dedicated customer service support teams by more than
35%.
"Brightspeed represents much more than just a new brand – it's a
new beginning," continued Mudge. "Our immediate focus is on
ensuring service continuity and a smooth transition for our
customers and for the thousands of employees who support those
customers every day. The Brightspeed commitment – reliable products
and services, expert and caring employees, and a streamlined,
easy-to-use approach to customer service – will be our
differentiator in the market."
New and existing customers are encouraged to visit
www.brightspeed.com, or call 1-833-MYBRSPD (1-833-692-7773) for
more information about the company and the services currently
available in their area.
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as lead
legal counsel, together with Jenner & Block LLP.
About Brightspeed
Headquartered in Charlotte, N.C. and
with assets and associated operations in 20 states,
Brightspeed provides broadband and telecommunications
services through a network platform capable of serving more than
6.5 million homes and businesses. Brightspeed's vision
is to promote a world where people and businesses have access to
the connectivity they need to accomplish what is important. Our
nearly 4,000 employees are committed to bridging the digital divide
by deploying a state-of-the-art fiber network and a customer
experience that makes staying connected simple and seamless. For
more information please visit
www.brightspeed.com.
Media contacts
Amy Wulfestieg
Brightspeed, Chief Communications
Officer
pr@brightspeed.com
Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
pr@brightspeed.com
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SOURCE Brightspeed