MetroNet Fiber Announces Acquisition of Lansing's LightSpeed Fiber
MetroNet Fiber Inc., a provider of fiber-optic internet, TV and phone service in more than 50 cities in Indiana, Illinois and Kentucky, today announced the acquisition of Lansing-based LightSpeed Fiber Communications, a fiber-optic internet company serving Lansing, Grand Rapids, Southfield, Huntington Woods and Ypsilanti. The combination of the two companies extends MetroNet's footprint into Michigan, where the company plans to bring its TV and phone service to LightSpeed's internet-only customers and invest up to $100 million in further expansion of its Michigan markets.
Terms of the deal were not disclosed. The transaction is expected to be completed today.
"The vision and values of LightSpeed Fiber marry well with our goal of expanding our cutting-edge fiber-optic telecommunication services to more cities while remaining customer-focused," stated MetroNet President John Cinelli. "Our plans for Michigan are sustainability and growth. This investment represents a strategic opportunity to offer gigabit-speed internet with no data caps, full-featured fiber phone service, and fiber IPTV (News - Alert) to even more customers. We are thrilled to join forces with LightSpeed Fiber and welcome them to the MetroNet family."
Jason Schreiber, current LightSpeed CEO, will continue leading the Michigan market while taking on the role of Chief Technology Officer for MetroNet as the partnership moves forward.
"LightSpeed is dedicated to revolutionizing how our customersconnect and use the Internet, while making it cost friendly and as efficient as possible," Schreiber stated. "When the opportunity to partner with MetroNet presented itself, it made perfect sense. This partnership means accelerated expansion in Michigan, reaching more residents and businesses that are eager for our services, and other opportunities such as job creation."
LightSpeed fiber currently serves the Lansing, Grand Rapids, Southfield, Huntington Woods and Ypsilanti communities with Gigabit speed internet. The company operates a 2,400-mile U.S. fiber optic backbone, spanning from Chicago to Atlanta to Washington DC. This acquisition will allow MetroNet to access LightSpeed's already laid framework of fiber-optic cable in these areas and optimize these markets to receive MetroNet's 1 Gigabit speed or higher.
MetroNet will work with LightSpeed leadership to transition the Lansing office to deploy MetroNet products and services in the coming months, including offering television and telephone services to new and existing customers.
As the teams grow, both companies will be actively searching for new talent. Anyone interested in working for MetroNet Fiber or LightSpeed Communications can visit www.metronetinc.com/careers/.
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