Oak Hill Capital to invest $250 million in expanding Wire 3’s Florida fiber broadband network
(UI) – Wire 3, a fiber-to-the-home provider in Florida, announced that Oak Hill Capital has acquired the company from Guggenheim Investments and committed to investing up to $250 million out of Oak Hill's sixth flagship fund to accelerate the expansion of Wire 3's fiber network in underserved communities across Florida. Wire 3's existing management team members are remaining as shareholders and will continue leading the business going forward.
Wire 3 provides symmetrical Internet speeds of up to 10 Gbps over its state-of-the-art infrastructure, responsive local customer service, simplified pricing and reliable connectivity to homes and businesses in the communities it serves. Wire 3 is actively expanding its fiber network across Florida communities within Volusia, Brevard, Indian River, St. Lucie, Orange, and Marion counties. In addition to expanding broadband access in these communities, the company's network expansion will create hundreds of new jobs at Wire 3 and employment opportunities for local contractors.
"We are delighted to form a new partnership with Oak Hill, an experienced investor in the broadband sector," said Jai Ramachandran, CEO of Wire 3. "Oak Hill's investment and expertise will help us achieve our target to expand our high-speed Internet service to hundreds of thousands of homes and businesses across Florida. Our goal is to empower communities with reliable and fast Internet access, fostering growth and digital opportunities for all."
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