Verizon Communications completed its $225 million all-cash purchase of Chicago fiber-optic network assets from WideOpenWest. Under a deal with Verizon, WOW will finish the network build-out for about $50 million, payable as the remaining network elements are completed. Completion is estimated in the second half of 2018.
The carrier said the transaction secures fiber to more than 500 macro cell wireless sites and more than 500 small cell sites in the Chicago area.The high-capacity fiber network is designed to support multi-use services and already connects Verizon Wireless macro towers and small cells, reducing future leasing costs.
The transaction is part of Verizon’s effort to scale and accelerate deployment of next-gen broadband services. “The completion of this acquisition will help expedite our network densification with fiber and small cells, enhancing our industry-leading 4G LTE network and laying the groundwork for 5G,” said Nicola Palmer, Chief Engineer and Head of Wireless Networks, Verizon.
WideOpenWest, meanwhile named Teresa Elder as its new Chief Executive Officer. She replaces Steven Cochran, who retires after 15 years with the company, according to the company, which provides residential and commercial high-speed data, video and telephony services. Cochran is now a consultant to the company through June 30 to help ensure a smooth transition.
Elder was founding president of Clearwire Wholesale before its sale to Sprint. Prior, she was CEO of Vodafone Ireland, and president of AT&T Broadband West (now part of Comcast). Elder was also a Senior VP with MediaOne and General Manager of the Rocky Mountain Division at USWEST.
December 19, 2017
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