Intrepid Fiber Networks Completes Acquisition of Ubiquity’s Southern California Fiber Network

Closing adds over 35,000 fiber passings in San Diego County, deepening Intrepid’s footprint in a core California growth market

BROOMFIELD, Colo.--(BUSINESS WIRE)--Intrepid Fiber Networks, a Brookfield-backed open-access fiber infrastructure builder and operator, today announced that it has completed its previously announced acquisition of the Southern California fiber network of Ubiquity. The closing comes after regulatory approvals earlier this month, and adds an established, in-service, fiber-to-the-premises network, comprising over 35,000 fiber passings across Solana Beach, Encinitas, Carlsbad and Oceanside to Intrepid’s footprint.

Layered onto Intrepid’s ongoing builds in San Diego County in Vista and San Marcos, the newly acquired network lifts the company’s San Diego County reach to more than 100,000 homes and businesses passed. This is in addition to other ongoing builds in Corona and Riverside. Subscribers on the network will see no change in service as the network continues to run on Intrepid’s wholesale open-access model.

With the transaction now closed, operations and employees of Ubiquity’s Southern California network have transitioned to Intrepid. Integration and additional network construction are underway, with Intrepid focused on scaling service to thousands more locations across the footprint.

“We’re thrilled to welcome the Solana Beach, Encinitas, Carlsbad and Oceanside communities to the Intrepid network. This acquisition strengthens our presence in Southern California and reflects our continued commitment to bringing high-speed, reliable fiber connectivity to more residents and businesses across the state. We look forward to building on this momentum as we continue to grow our footprint in California,” said Jack Waters, CEO of Intrepid Fiber Networks.

“This transaction represents an important milestone for Ubiquity and reflects our strategy of concentrating capital and operational resources on our larger, core markets, where we continue to scale our platform- a strategy we have been executing throughout this year. We congratulate the Intrepid team and are confident that the network is well positioned for continued growth and success under their ownership,” said Laxman Ramu, CEO of Ubiquity.

Since entering the California market, Intrepid has moved quickly to expand its open-access platform through both organic construction and targeted acquisitions, a pace the company intends to continue as it evaluates additional opportunities to grow its in-state and national footprint.

Intrepid was advised by Berg Hill Greenleaf Ruscitti and Morgan Lewis. Ubiquity was advised by Bank Street and Kirkland & Ellis. Financial terms of the transaction were not disclosed.

About Intrepid Fiber Networks

Intrepid Fiber Networks, founded in 2021 and launched by Brookfield Asset Management — one of the world’s largest alternative asset managers — is an open-access fiber-to-the-premises platform built on a Wholesale Open Access Model. Intrepid’s mission is to deliver world-class fiber to communities throughout the United States and to meet the broadband demands of the future. To learn more, visit www.intrepidfiber.com.

About Ubiquity

Ubiquity develops, and manages digital communications infrastructure throughout the United States. Focusing on last-mile connectivity, Ubiquity’s open-access fiber platform is one of the largest and fastest growing of its type in the United States. The company partners with ISPs, wireless carriers, utilities, and municipalities to deliver connectivity and sustainability solutions in underserved communities. Please visit ubiquitygp.com for more information.

Forward-Looking Statements

Certain statements contained herein or made by management constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations about our plans and future performance and speak only as of the date of this press release. We do not undertake to update these statements. Our expectations (or the underlying assumptions) may change or not be realized, and you should not unduly rely on forward-looking statements.