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Investing.com -- Brookfield Infrastructure Partners (TSX:BIP_u) has reached an agreement to acquire internet-service provider Hotwire Communications in a deal valued at approximately $7 billion, including debt.
The acquisition is expected to be announced soon, according to a report from the Wall Street Journal, citing people familiar with the matter.
Hotwire Communications is a privately held internet service provider that delivers services to commercial properties and residential communities. The company’s network extends across nine states including Florida, Georgia, Texas, Arizona, Nevada, South Carolina, North Carolina, Pennsylvania and California.
Through this transaction, Brookfield will take control of Hotwire from Blackstone (NYSE:BX), which had invested about $1 billion in the company in 2021 through its Infrastructure Partners and Tactical Opportunities funds.
The deal represents a major investment in the expanding next-generation broadband infrastructure industry.
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