Intelligent Fiber Network (IFN) today announces it has entered into a definitive agreement to be acquired by Zayo Group Holdings, Inc. The acquisition culminates several years of strong growth for IFN. Following its rebrand to Intelligent Fiber Network in 2018, IFN has continued to expand its footprint with recent network investments in Northeast Indiana and the launch of additional solutions such as a new SD-WAN product.
Headquartered in Boulder, Colorado, Zayo is a leading provider of fiber infrastructure in North America and Europe. Its 126,000-mile network includes extensive metro connectivity to thousands of buildings and data centers across both continents. Zayo’s acquisition of IFN will further densify its Midwest network and enable significantly enhanced reach and value to IFN’s customers and legacy owners. Together, IFN and Zayo will support investment and growth in Indiana’s communications infrastructure and advance the ubiquity of high-speed connectivity.
“IFN’s acquisition by Zayo represents a robust vote of confidence in what we have grown over the past several years, with our Board and owners reiterating this confidence through strong support of the transaction,” said Jim Turner, CEO of IFN. “By joining with Zayo, we will not only provide our customers with a strong fiber backbone throughout the Midwest, but around the globe. We are excited for the opportunities to come.”
“IFN brings to Zayo another unique and dense regional fiber network and a dedicated local team that excels in serving its customer base,” said Matt Steinfort, chief financial officer for Zayo. “This team, the additional network assets and the nearly 1,000 incremental on-net buildings will aid our efforts to accelerate growth as we look to capitalize on the enterprise opportunity within our network reach.”
Founded in 2007, Zayo was built upon the strong backbone of multiple regional fiber acquisitions, similar to the acquisition of IFN. Zayo’s global fiber network serves 400 markets with 13 Million fiber miles and 1,300 on-net data centers with offices in Denver, London, Paris, and Tulsa, Oklahoma. Zayo will retain the office building that currently serves as the IFN Headquarters in Indianapolis.
The transaction is expected to close during the second half of 2021, subject to customary regulatory approvals and closing conditions. The transaction will be funded with a combination of cash on hand and debt. Houlihan Lokey and Stifel are acting as financial advisors to IFN in connection with the transaction, and Dentons Bingham Greenebaum is serving as its legal advisor. Skadden Arps is serving as legal counsel to Zayo.
About Intelligent Fiber Network
Intelligent Fiber Network (IFN) is owned by 21 Indiana local exchange telephone companies and one rural electric cooperative. IFN provides high-speed fiber-optic backbone capabilities to these owners as well as to other telecommunications providers and business direct customers including hospitals, schools and government facilities. IFN’s network consists of more than 5,000 route miles of fiber-optic line across more than 60 Indiana counties. IFN offers commercial service in Indiana and throughout the US via a network of national partners. For more information, visit intelligentfiber.com or call (866) 406-4636.
About Zayo Group
Zayo Group Holdings, Inc. provides mission-critical bandwidth to the world’s most impactful companies, fueling the innovations that are transforming our society. Zayo’s 126,000-mile network in North America and Europe includes extensive metro connectivity to thousands of buildings and data centers. Zayo’s communications infrastructure solutions include dark fiber, private data networks, wavelengths, Ethernet, dedicated internet access and data center connectivity solutions. Zayo owns and operates a Tier 1 IP backbone and through its CloudLink service, Zayo provides low-latency private connectivity that attaches enterprises to their public cloud environments. Zayo serves wireless and wireline carriers, media, tech, content, finance, healthcare and other large enterprises. For more information, visit zayo.com.
Madisen Petrosky, 260-579-8502
Dittoe Public Relations