Vast Broadband, which provides broadband and video service to about 60,000 residential and business customers in South Dakota and Minnesota, said that it has agreed to be purchased by private equity firm GI Partners. Terms were not disclosed.
Vast Broadband, based in Sioux Falls, South Dakota, was formed in 2013 by industry veteran James Gleason and private equity players Pamlico Capital and Oak Hill Capital.
GI Partners has invested in several data infrastructure companies, including Wave Broadband (which it sold in 2017 to TPG Capital). In the Vast Broadband deal, GI is partnering with former Wide Open West chief financial officer Rich Fish, who become CEO of Vast after the deal is closed.
“Vast is committed to providing its customers with access to the most reliable, high-speed broadband connectivity available,” Fish said in a press release. “As a native of the Great Plains, I am thrilled to partner with the local employees at Vast to bring high quality internet connectivity to my home region.”
The transaction is expected to close following satisfaction of customary closing conditions, including regulatory approvals. GI Partners will make the investment from the GI Data Infrastructure Fund. Weil, Gotshal & Manges acted as legal counsel to GI Partners. RBC Capital Markets, LLC acted as exclusive financial advisor to Vast Broadband and Alston & Bird acted as legal counsel.
“We are very pleased to have reached an agreement with Rich Fish and the GI Partners team. We have had tremendous success during our tenure and we are delighted that our team in South Dakota and Minnesota will have the opportunity to continue to grow in the communities we serve,” Gleason said in a press release.
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