Broadweave Buys Network
Provo's pioneering fiber-optic network, named iProvo, is the largest municipally owned fiber-to-the-premises network in the U.S., reaching all 36,000 residences and businesses within the city. The iProvo fiber-optic network connects homes, businesses, government buildings, schools and traffic signals at speeds up to 1,000 times faster than cable or DSL. Broadweave will purchase the fiber-optic network for $40.6 million, which is enough to retire outstanding bonds incurred by Provo to build the system.
"This is a tremendous opportunity for Provo, which comes as the culmination of many months of hard work and deliberation," said Billings. "Our city gains the full advantage of the sale, while continuing to enjoy the benefits of this advanced infrastructure."