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May 11, 2021
CHICAGO – ExteNet Systems, the leading private owner and operator of converged communications infrastructure delivering advanced mobility and fiber connectivity, has closed its previously announced strategic investment by Manulife Investment Management. Manulife Investment Management's commitment was sourced for the John Hancock Life Insurance Company (U.S.A.) balance sheet as well as third party managed accounts. Manulife Investment Management joins existing major investors, Digital Colony and Stonepeak Infrastructure Partners, with this transaction. The investment provides the Manulife-led consortium approximately 30% ownership of ExteNet. ExteNet plans to leverage the capital infusion in ongoing 5G network densification as it continues to address advanced connectivity needs of its customers, including mobile network operators (MNOs), carriers, property owners and enterprises.
"Manulife Investment Management is an invaluable addition to ExteNet's investor group as we continue to build and operate high-performance next-generation communications infrastructure nationwide," said Marc Ganzi, Executive Chairman of ExteNet. "We look forward to working with the Manulife team to accelerate ExteNet's next phase of growth and deliver tomorrow's connectivity today."
"In our increasingly connected society, ExteNet's integrated portfolio of innovative, advanced connectivity solutions positions the Company at the forefront of the ongoing 5G digital transformation. Our partnership with Manulife Investment Management will allow us to extend our market leadership and capture the significant opportunities ahead," said Brian McMullen, Partner at Stonepeak.
"With the robust 5G demand drivers for small cell and DAS networks, ExteNet is well-positioned to remain the leading independent provider in that space. Manulife is looking forward to working alongside ExteNet's world-class team to deliver next generation communications infrastructure and services to create enhanced value for all our stakeholders," stated Steve Blewitt, Global Head of Private Markets, Manulife Investment Management.
"The successful CBRS and C-Band spectrum auctions serve as validation for the future of 5G, and I am pleased to say that our technical leadership, customer-first and solution-focused approach continues to set us apart," said Jim Hyde, President and CEO at ExteNet. "I am excited to work with our newest partner, Manulife Investment Management, as our ExteNet team builds the next-generation communications infrastructure and continues the rollout of our Fiber-First approach, which ensures that the underlying infrastructure is robust, scalable and carrier-grade, to deliver advanced connectivity for businesses and communities across the United States."
PJT Partners served as financial advisors to ExteNet and its existing investors. TAP Advisors served as financial advisors to Manulife Investment Management. Simpson, Thacher & Bartlett LLP provided legal representation to ExteNet, and Paul, Weiss, Rifkind, Wharton & Garrison represented Manulife Investment Management. Financial terms of the transaction are not being disclosed.
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