A New Brunswick-based internet service provider is being acquired by a U.S. company.
Xplornet has entered into a binding agreement with private-equity firm Stonepeak Infrastructure Partners.
The transaction, announced Thursday, must still be approved and is expected to close in the coming month.
“We are excited that Stonepeak has agreed to acquire Xplornet and is strongly committed to continuing our mission of providing rural Canadians with world-class broadband services,” said Allison Lenehan, president and CEO of Xplornet, in a statement.
“Stonepeak’s investment will position Xplornet to accelerate development of our facilities-based broadband network and services, enabling much faster speeds, including unlimited data plans at affordable prices for rural Canada.”
Lenehan and the current executive team will continue leading Xplornet and the company will remain headquartered in Woodstock, N.B.
Xplornet provides fixed and wireless internet to rural customers across the country.
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