On Monday, ExteNet, the largest private owner and operator of converged communications infrastructure and fiber connectivity in the U.S., announced the successful close of a previously announced strategic investment by Manulife Investment Management, the global wealth and asset management arm of insurance company Manulife Financial Corporation. Financial terms of the transaction were not made public.
Following the transaction, Manulife Investment Management leads a tripartite consortium of major shareholders, joining existing investors Digital Colony and Stonepeak Infrastructure Partners for a 30 ownership stake in ExteNet. Digital Colony and Stonepeak have been invested in ExteNet since 2015, when they jointly acquired the interests of seven venture capital funds for $1 billion.
Illinois-based ExteNet says it will use the capital infusion for ongoing 5G network densification as it continues to address the connectivity needs of its customers, which consist of mobile network operators (MNOs), carriers, property owners, wholesale carriers, enterprises, municipalities and rural carriers across the United States.
“Manulife Investment Management is an invaluable addition to ExteNet’s investor group as we continue to build and operate high-performance next-generation communications infrastructure nationwide,” said Marc Ganzi, Executive Chairman of ExteNet. “We look forward to working with the Manulife team to accelerate ExteNet’s next phase of growth and deliver tomorrow’s connectivity today.”
“In our increasingly connected society, ExteNet’s integrated portfolio of innovative, advanced connectivity solutions positions the Company at the forefront of the ongoing 5G digital transformation. Our partnership with Manulife Investment Management will allow us to extend our market leadership and capture the significant opportunities ahead,” said Brian McMullen, Partner at Stonepeak.
“With the robust 5G demand drivers for small cell and DAS networks, ExteNet is well-positioned to remain the leading independent provider in that space. Manulife is looking forward to working alongside ExteNet’s world-class team to deliver next generation communications infrastructure and services to create enhanced value for all our stakeholders,” stated Steve Blewitt, Global Head of Private Markets, Manulife Investment Management.
“The successful CBRS and C-Band spectrum auctions serve as validation for the future of 5G, and I am pleased to say that our technical leadership, customer-first and solution-focused approach continues to set us apart,” said ExteNet President and CEO Jim Hyde in an official comment on the deal close. “I am excited to work with our newest partner, Manulife Investment Management, as our ExteNet team builds the next-generation communications infrastructure and continues the rollout of our Fiber-First approach, which ensures that the underlying infrastructure is robust, scalable and carrier-grade, to deliver advanced connectivity for businesses and communities across the United States.”
