Searchlight completes acquisition of asset of frontier communication in Northwest USA
Searchlight Capital Partners, L.P. (Searchlight) announced that it completed the acquisition of the Northwest operations and assets of Frontier Communications (Frontier) in partnership with WaveDivision Capital, LLC, (WDC), the Public Sector Pension Investment Board (PSP Investments), British Columbia Investment Management Corporation (BCI) and Canada Pension Plan Investment Board (CPP Investments).
The transaction, which was first announced on May 29, 2019, is valued at US$ 1.352 billion with an additional US$ 500 million being invested in network and service improvements from a total commitment of approximately US$ 2.0 billion. This investment is expected to benefit the approximately 500,000 current residential and business internet, phone, and TV subscribers across four states in the Northwest: Washington; Oregon; Idaho; and Montana.
WDC and Searchlight were advised by Bank of America, Credit Suisse, Deutsche Bank and Paul, Weiss, Rifkind, Wharton & Garrison LLP.
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