Bell Canada (NYSE: BCE) successfully closed the acquisition of Kirkland, WA-based Northwest Fiber Holdco, LLC, doing business as Ziply Fiber, on July 30. The Utilities and Transportation Commission approved the transfer of ownership after finding the transaction poses no harm to the public.
Ziply Fiber Northwest, originally formed from the acquisition of Frontier Communications’ (NASDAQ: FYBR) northwest operations, provides high-speed internet to fiber locations across Washington, Oregon, Idaho, and Montana. Bell Canada, headquartered in Montréal, is Canada’s largest fiber-to-the-premise service provider with 4.4 million high-speed internet subscribers, at the end of 2Q25, according to Inside Towers Intelligence.
Bell acquired Ziply Fiber for $3.65 billion in cash, and an assumption of outstanding net debt of approximately $1.9 billion at closing. Bell reports the deal expands its fiber footprint into the U.S. by 1.4 million fiber passings and 375,000 fiber internet subscribers, as of the end of 2Q25. Now with nearly 4.8 million fiber internet connections, the acquisition positions Bell as the third-largest fiber internet provider in North America behind AT&T (NYSE: T) with 9.8 million and Verizon (NYSE: VZ) with 7.6 million fiber broadband connections, according to Inside Towers Intelligence.
In its 2Q25 earnings call, Bell said it expects Ziply Fiber to expand its footprint to 1.5 million passings by the end of 2025, and reach 2.0 million passings by 2028. To accelerate expansion into the U.S. market, BCE and Public Sector Pension Investment Board (PSP Investments) announced in May a strategic 49/51 respective partnership to create Network FiberCo.
Bell says Network FiberCo will develop approximately 1.0 million fiber passings in Ziply Fiber’s existing states. The joint venture will target development of up to 5.0 million additional passings, which will enable Ziply Fiber to reach up to 8.0 million total fiber passings, although no timeframe has been identified.
“The acquisition of Ziply Fiber marks a key milestone in our fiber growth strategy by establishing a significant foothold in the attractive U.S. market,” wrote Mirko Bibic, President & CEO, BCE Inc. and Bell Canada in a statement. “By combining Bell’s deep fiber expertise with Ziply Fiber’s experienced management team and ambitious expansion plans, we are creating a powerful platform for long-term growth, scale and geographic diversification that positions us to unlock significant value for our shareholders.”
Bell said that Ziply Fiber will remain operating as a separate business unit with results reported separately. Ziply will continue expanding its fiber footprint while maintaining its established fiber networks in its operating territory.
By John Celentano, Inside Towers Business Editor
Reader Interactions