Brightspeed, the company that bought Lumen Technologies’ copper assets in 20 markets, has won $3.7 billion in new financing to spend toward its fiber buildouts.
The financing comes from a syndicate of bankers and other investors led by Brightspeed’s parent company Apollo Global Management. Apollo paid $7.5 billion for Brightspeed in 2022.
Brightspeed CEO Tom Maguire told Fierce, “The same people who funded the original go-around are back again. I take that as a good sign. They still believe in what we’re doing.”
In addition, Brightspeed had debt of $1.1 billion, which it says today has been eliminated by its investors. Read more here.