Xplornet completes sale to U.S.-based Stonepeak

After a few months of getting things approved and ready, Xplornet has officially completed its sale to U.S.-based infrastructure company Stonepeak.

Both Xplornet and Stonepeak seem to have the same mission of bringing the internet to underserved parts of the world, though Stonepeak may have a slightly more business/investor-focused lens. However, the company still has a track record of buying and investing in last-mile internet carriers, according to Xplornet’s press release.

The $2 billion USD (around $2.6 billion CAD) deal was first reported on in late February. However, Xplornet hasn’t shared the financial aspects of the deal officially.

While it’s too early to tell if this move will impact Xplornet users negatively, it seems like the sale should help increase the company’s operating budget, which it says will help “expand coverage, increase investment, and accelerate improvements.”

Specifically, the press release says, “this means unprecedented speeds, unlimited data plans, and 5G services at affordable prices.” The carrier has been working to roll out 5G to its customers with a $500 million investment over the next five years. 

Source: Xplornet