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CityNet Raises $275 Million

SILVER SPRING, Md. -- CityNet Telecommunications, Inc., the leader in last-mile broadband infrastructure, today announced that it has closed a second round of equity worth $175 million, with an additional $100 million in debt financing. The Carlyle Group leads the group of five premier investment funds, including Berkshire Partners, Trimaran Capital Partners, Great Hill Partners and Fay Richwhite. CityNet’s first round of investment was $100 million in April 2000, and included investments by Telecom Partners, Crescendo Ventures and CIBC Capital Partners. Founded in 1999, CityNet deploys last-mile fiber optic networks through a city’s existing sewer system, avoiding many of the problems associated with traditional trenching construction. CityNet installs fiber networks and then leases them to telecommunications companies, Internet and network service providers and others that offer high-speed services. CityNet is the first broadband infrastructure company to deliver this last-mile dark fiber solution on a wholesale basis.

“We are privileged and honored to have these five new partners join our pioneering efforts in building what is considered the last -- but critically important – piece of fiber optic network infrastructure – the last-mile,” said Robert G. Berger, CityNet’s Chairman and Chief Executive Officer. “This new investment fully funds CityNet’s build-out plans, and demonstrates a strong confidence in our company and its sole focus on bringing fiber optic connectivity directly into buildings."

http://www.citynettelecom.com
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