Closing adds over 35,000 fiber passings in San Diego County, deepening Intrepid’s footprint in a core California growth market
Intrepid Fiber Networks, a Brookfield-backed open-access fiber infrastructure builder and operator, announced that it has completed its previously announced acquisition of the Southern California fiber network of Ubiquity. The closing comes after regulatory approvals earlier this month, and adds an established, in-service, fiber-to-the-premises network, comprising over 35,000 fiber passings across Solana Beach, Encinitas, Carlsbad and Oceanside to Intrepid’s footprint.
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Layered onto Intrepid’s ongoing builds in San Diego County in Vista and San Marcos, the newly acquired network lifts the company’s San Diego County reach to more than 100,000 homes and businesses passed. This is in addition to other ongoing builds in Corona and Riverside. Subscribers on the network will see no change in service as the network continues to run on Intrepid’s wholesale open-access model.
With the transaction now closed, operations and employees of Ubiquity’s Southern California network have transitioned to Intrepid. Integration and additional network construction are underway, with Intrepid focused on scaling service to thousands more locations across the footprint.
“We’re thrilled to welcome the Solana Beach, Encinitas, Carlsbad and Oceanside communities to the Intrepid network. This acquisition strengthens our presence in Southern California and reflects our continued commitment to bringing high-speed, reliable fiber connectivity to more residents and businesses across the state. We look forward to building on this momentum as we continue to grow our footprint in California,” said Jack Waters, CEO of Intrepid Fiber Networks.
“This transaction represents an important milestone for Ubiquity and reflects our strategy of concentrating capital and operational resources on our larger, core markets, where we continue to scale our platform- a strategy we have been executing throughout this year. We congratulate the Intrepid team and are confident that the network is well positioned for continued growth and success under their ownership,” said Laxman Ramu, CEO of Ubiquity.
Since entering the California market, Intrepid has moved quickly to expand its open-access platform through both organic construction and targeted acquisitions, a pace the company intends to continue as it evaluates additional opportunities to grow its in-state and national footprint.
Intrepid was advised by Berg Hill Greenleaf Ruscitti and Morgan Lewis. Ubiquity was advised by Bank Street and Kirkland & Ellis. Financial terms of the transaction were not disclosed.
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