Private Equity-Backed Telecommunications Acquisitions

Wireless Logic has acquired Comms365, a UK-based IoT connectivity and managed-network specialist, to broaden its connectivity and IoT service capabilities and strengthen its footprint in the UK market. Comms365 will continue to operate as a standalone business with leadership changes including John Whitty becoming CEO and co-founder Mike van Bunnens stepping away after a handover.

SecureVision, a Snowhawk-backed bulk broadband provider for multifamily dwelling units (MDUs), acquired IPacket Networks and ENCO's bulk connectivity business to expand its Gulf Coast footprint. The add-on deals deepen SecureVision's presence in Northwest Florida (including Destin and Panama City Beach), increase regional density and bring the platform to more than 30,000 served units.

Transaction Network Services (TNS) has completed its acquisition of BT's Radianz business, integrating Radianz into TNS's global Financial Markets offering. The deal expands TNS's market connectivity footprint and capability, bringing Radianz's secure connectivity services and clients into TNS's ultra-low-latency trading, market data and hosting platform.

Netmore Group has acquired Paris-based Actility, including its Abeeway subsidiary, combining Netmore's carrier-grade LoRaWAN network operations with Actility's ThingPark platform and geolocation products. The deal creates a unified global LoRaWAN ecosystem with over 14 million contracted IoT devices and expands Netmore's reach across utilities, buildings, smart cities, industrial and asset-tracking markets.

Broadtree Partners portfolio company Triage Partners has acquired Benton Technical Services and J. Carlson Services, two turnkey telecommunications services providers specializing in fiber/FTTH and OSP construction. The add-on acquisitions expand Triage's fiber buildout, installation, splicing, and repair capabilities and position the combined business to offer full turnkey solutions to telecom operators, electric cooperatives, and broadband providers across the United States.

Affiliated investment funds of DigitalBridge Group and Crestview Partners completed a take-private acquisition of WideOpenWest, Inc. (WOW!) for an enterprise value of approximately $1.5 billion. WOW! shareholders received $5.20 per share; the buyers said they plan to invest in expanded fiber deployments, network modernization and customer experience improvements.

Phoenix Tower International (PTI) has closed the acquisition of Infracos, the joint venture owned by Bouygues Telecom and SFR that manages approximately 3,700 wireless sites across France. The deal expands PTI's French footprint to nearly 10,000 sites and increases its global portfolio to more than 33,000 towers; Bouygues Telecom and SFR were the selling parties.

Advent International, through its European vehicle ZI Zenith S.à r.l., has completed a public tender offer to acquire u‑blox Holding AG and will hold more than 98% of the company following settlement. The deal (CHF 135 per share) takes u‑blox private with Advent aiming to strengthen the company's market position, accelerate growth and capture rising demand across automotive, industrial and adjacent end‑markets.

Ara Partners has acquired a majority-controlling stake in Centric Fiber to accelerate the company's fiber-to-the-home (FTTH) expansion across the southern United States. The private investment firm will deploy capital through its Ara Infrastructure platform to grow Centric Fiber's project pipeline and backlog; terms were not disclosed.

Platinum Equity has completed its acquisition of Anuvu, a provider of in-flight entertainment and high-speed connectivity solutions for aviation, maritime and other mobility markets. The buyout will support Anuvu's growth and investment in next-generation satellite technologies, expanded content distribution and enhanced data-driven passenger management; financial terms were not disclosed.

TAK Broadband has acquired Gulbranson Services, Inc. (GSI), a Victorville, California-based telecommunications contractor that provides drop bury, maintenance and fiber-to-the-home construction services, from founder Bob DeLaHoussaye. The deal is an accretive tuck-in to TAK (which is PE-backed by Platinum Equity) to strengthen TAK's Southern California presence and expand its FTTH construction and maintenance capabilities.

ECI Partners has exited CSL, the UK-based critical IoT connectivity specialist, into an ECI-managed continuation fund led by existing ECI investors Carlyle AlpInvest, HarbourVest Partners and Pantheon, generating a 3.5x return on ECI’s investment. CSL grew c.20% organically during ECI’s ownership, has launched products such as rSIM, and will continue its expansion strategy (including M&A) under the continuation vehicle.

Northrim Horizon, a Mesa, Arizona-based permanent capital investment firm, has acquired ACG Systems, a Maryland-based systems integrator and technical service provider for mission-critical wireless communication systems. Northrim named Thomas Montalbano as CEO and said ACG will serve as a platform for additional organic growth and acquisitions in the wireless communication services industry.

Houston-based Ezee Fiber, backed by infrastructure investor I Squared Capital, has closed the acquisition of Tachus Fiber Internet, expanding Ezee Fiber’s all‑fiber footprint across Greater Houston including The Woodlands. The deal strengthens Ezee Fiber’s route network and subscriber base as it accelerates FTTH passings and service rollouts, and positions the company to surpass roughly 600,000 homes and businesses passed by the end of 2025.

Becklar, a Graham Partners portfolio company, has acquired Dynamark Monitoring, a wholesale alarm and critical event monitoring provider headquartered in Hagerstown, Maryland. The add-on expands Becklar's monitoring footprint and capabilities on the U.S. East Coast, bringing approximately 145,000 end subscribers and additional dealer relationships into Becklar's platform.

Metronet has acquired US Internet (USI), a Minnetonka-based pure-play fiber provider whose network reaches more than 140,000 homes and businesses in the greater Minneapolis area. Terms were not disclosed; the deal follows Metronet’s recent acquisition by a T‑Mobile and KKR joint venture and results in an exit for investor Everside Capital Partners.

Koch Equity Development (KED), the principal investment and acquisition arm of Koch, has acquired GCH Technologies, a developer of advanced wireless messaging and telecommunications infrastructure solutions. GCH will become the strategic provider for Common Short Code Registry Services beginning January 1, 2026 and will work with CTIA to accelerate infrastructure upgrades and next-generation messaging capabilities such as RCS Rich Business Messaging.

M/C Partners has combined regional multifamily ISPs Zentro and BAI Connect into a single company operating under the Zentro brand. The merged business creates a scaled, near-national MDU-focused ISP serving over 100,000 residents and 2,000+ properties, expanding geographic coverage and accelerating rollout of multi-gig and managed Wi‑Fi services.

Wireless Logic has completed the acquisition of Zipit Wireless, a South Carolina–headquartered provider of multi-carrier IoT connectivity and subscription billing solutions. The deal expands Wireless Logic’s North American presence and adds advanced subscription-billing and multi-tier connectivity capabilities to its global IoT offering.

Onecom Group, the LDC‑backed UK business communications and cloud specialist, has acquired Gradwell Communications, a cloud communications provider with offices in Bath and Leeds. The acquisition expands Onecom's hosted voice, SIP and unified communications capabilities, adds geographic reach and an established customer base as part of Onecom's ongoing roll-up strategy.

A fund managed by Blue Owl Capital's Digital Infrastructure strategy has acquired South Reach Networks (operating as Intermetro Fiber), a Florida-based fiber and colocation provider. Blue Owl plans significant investment to expand SRN's 370-mile fiber network and edge colocation footprint across Florida to meet growing hyperscale and enterprise connectivity demand; Turning Rock Partners sold the business.

Airalo, the world’s largest eSIM provider, raised $220 million in a growth round led by CVC (via CVC Asia Fund VI) with participation from Peak XV and Antler Elevate, valuing the company at over $1 billion. The capital will be used to scale Airalo’s consumer app, expand unlimited and enterprise data offerings, and accelerate its enterprise/white-label connectivity platform.

FBR Solutions, a national telecommunications infrastructure services provider backed by FVLCRUM Funds, has acquired RTS Associates to broaden its telecommunications design, engineering, and turnkey deployment capabilities. The acquisition adds RTS’s more than 250 North American professionals and strengthens FBR’s ability to deliver end-to-end network solutions across the United States.

HitecVision has acquired a 50% ownership stake in Altibox Carrier, a subsidiary carved out from Lyse, to create an independent Nordic platform for high-capacity fiber infrastructure serving data centers and cloud providers. The joint venture will remain headquartered in Stavanger and will focus on developing existing subsea and terrestrial routes, building new strategic routes, and pursuing acquisitions of smaller Nordic fiber operators to meet rising data-traffic demand.

Oak Hill Capital and Pamlico Capital have made a strategic investment in IdeaTek Telcom and Socket Telecom, combining the two regional fiber internet providers to create a scaled Midwest fiber internet service provider. TPG Peppertree will sell its existing stake while reinvesting alongside the two firms; the combined company will expand fiber networks across Kansas and Missouri with a goal to pass over 500,000 homes in the Midwest by 2028.

General Atlantic (via its BeyondNetZero fund) has agreed to take a minority stake in Wireless Logic, with existing majority owner Montagu reinvesting alongside the new investor. The investment values Wireless Logic at £3.5 billion, is expected to close in Q3 2025, and will support global geographic expansion, platform enhancement and an active M&A strategy.

Macquarie Asset Management (MAM) has agreed to acquire an additional 50% stake in TDC Group from PFA, PKA and ATP, which will result in Macquarie managing 100% of the capital in TDC Group. The move secures full ownership to continue investments in Denmark’s digital infrastructure—completing fibre rollout, accelerating 5G coverage and furthering IT/cloud transformation and sustainability initiatives across TDC NET and Nuuday.

NOVA Infrastructure has completed a majority investment in DartPoints, providing a significant growth capital commitment to scale the company's data center platform and pursue capacity expansion and strategic M&A. Orion Infrastructure Capital joined as a lender and minority equity investor, while existing sponsor Astra Capital Management retains a meaningful minority stake; NOVA and OIC committed more than $250 million of capital and DartPoints acquired the underlying real estate for three of its facilities.

Mereo Networks (rebranding to Mereo Fiber) acquired DISH Fiber Internet L.L.C. from DISH Network Corporation in a transaction that closed April 30, 2025. The deal—an add-on to the PE-backed Mereo platform—expands Mereo's bulk fiber footprint (adding ~25,000 residential units) and extends its geographic reach across key Sun Belt, Mountain West and Great Lakes markets.

Call.com has acquired London-based VoIP pioneer Vyke Holding Limited in a deal funded by over $7 million from Norwegian investment firm Centennial AS (owned by Endre Røsjø). The acquisition brings Vyke's decades of VoIP experience and virtual mobile-number capabilities to Call.com's platform, helping grow Call.com's user base to more than 500,000 (including over 250,000 paying customers).

Lynx Equity Limited has acquired The MNM Group Inc., a Willow Grove, Pennsylvania-based provider of low-voltage cabling, wireless infrastructure, DAS and EV charging installation services and custom cable assemblies. The acquisition expands Lynx's portfolio into national telecommunications and electrical network services, leveraging MNM's design & build and manufacturing capabilities across the U.S. and Canada.

New York-based private equity firm Seaport Capital has made a growth equity investment in FMC GlobalSat, a Fort Lauderdale–headquartered Starlink Authorized Reseller and provider of satellite and wireless connectivity solutions. The capital will support FMC’s continued rapid growth, expansion and market consolidation (including strategic acquisitions such as the Maritime, Energy & Government division acquired from Anuvu).

TXO, a PE-backed global technology lifecycle services platform, has acquired the AirWay Group to expand its North American presence and broaden lifecycle management, staging, logistics, and network engineering capabilities. AirWay — which operates an R2/ISO-certified facility in Hebron, Kentucky and serves more than 250 telecom and broadband customers worldwide — will operate under the AirWay name while integrating with TXO's global platform.

fifteenfortyseven Critical Systems Realty (1547) and Harrison Street have acquired DRFortress, Hawaii's largest carrier-neutral data center, from GI Partners. The deal brings DRFortress into 1547's connectivity-focused platform to expand interconnection, cloud access, and digital infrastructure reach across Hawaii and the broader Pacific region while keeping the existing leadership team in place.

Wireless Logic, a UK-based global IoT connectivity provider, has acquired Arqia, Brazil's largest independent authorised MVNO and former unit of the Datora Group. The deal extends Wireless Logic's reach across Brazil and Latin America, adding Arqia's commercial MVNO capabilities, more than three million managed connections and a team of over 200 employees to support enterprise IoT deployments in the region.

JSI, a portfolio company of Stone-Goff Partners, has acquired LogicomUSA, a provider of voice, network, hosted VoIP and 24/7 contact center services for broadband providers and electric cooperatives. The add-on expands JSI’s network engineering and managed services capabilities by integrating Logicom’s contact center platform and BYOA offering to deliver end-to-end solutions to broadband operators nationwide.

Northleaf Capital Partners has committed an initial C$100 million to Shared Tower to accelerate the company's build-out of carrier‑neutral telecommunications infrastructure across Canada. Shared Tower, founded in 2021 and headquartered in Oakville, Ontario, will use the capital to scale its network and serve existing and new customers; Northleaf was advised by CIBC Capital Markets and Davies Ward Phillips & Vineberg.

EQT's Active Core Infrastructure fund has agreed to acquire Crown Castle Inc.'s Small Cells Solutions business for approximately $4.25 billion. The business operates a nationwide portfolio of ~115,000 small cells across 43 states serving the top three U.S. mobile network operators; the transaction (a divestiture by Crown Castle) is expected to close in the first half of 2026 subject to regulatory approvals. Zayo (backed by EQT Infrastructure IV and DigitalBridge) is separately acquiring Crown Castle's Fiber Solutions business and will enter a long-term commercial agreement to provide fiber to the Small Cells business; the combined value of both transactions is $8.5 billion.

Swedish IoT operator Netmore Group has completed the acquisition of LoRaWAN network operator Everynet, extending Netmore's carrier-grade LPWAN and IoT platform into Brazil and the broader South America region. The deal broadens Netmore's NaaS/PaaS offerings and regional footprint to serve utilities, agriculture, smart cities and transportation customers, and Netmore has named Gustavo Zarife as VP for South America and Country Manager for Brazil.

Industrial Networking Solutions (INS), a CIVC Partners–backed provider of critical wired and wireless networking solutions, has acquired Source Inc., a specialist in wireless networking, IoT and POTS replacement. The acquisition expands INS's wireless, 5G and managed IoT capabilities and leverages Source Inc.'s Network Operations Center and regional U.S. presence to improve fulfillment and service delivery.

inherent group has acquired CONEXIO Telecom, an independent French provider of high‑speed connectivity and telephony (UCaaS) solutions. The deal — supported by Keensight Capital — strengthens inherent group's local B2B telecommunications footprint across France, expands its branch network and enables CONEXIO to broaden its offering with IT and cybersecurity services.

Lightpath has acquired WANRack’s network assets and customers in Phoenix, Arizona, adding 133 miles of fiber and bringing Lightpath’s Phoenix footprint to 363 miles. The deal expands Lightpath’s presence in the Phoenix market as it builds a 230-mile network; WANRack is majority‑owned by CBRE Investment Management and is headquartered in the Kansas City metro area.

Phoenix Tower International (PTI) has completed the acquisition of 100% of Cellnex Telecom’s business in Ireland for approximately €971 million, acquiring roughly 1,900 wireless sites and becoming the largest tower owner in Ireland. The deal expands PTI’s European footprint and was completed with advisory support (Nomura and Arthur Cox) to PTI.

GridSource, a portfolio company of Hastings Equity Partners, has acquired B. Robinson, Inc., a Leander, Texas-based fiber optic construction and communications infrastructure contractor. The deal, which closed February 18, 2025, adds micro-trenching capability to GridSource's service offering and expands its coverage in Texas; the combined company will operate more than 1,000 employees across 39 locations.

United Group (majority owned by BC Partners) has agreed to sell SBB doo Belgrade to e& (Etisalat) and PPF Telecom (together “e&/PPF”), and to sell its NetTV Plus business and sports broadcasting rights for the Western Balkans to Telekom Srbija. The combined transactions carry an enterprise value of €1.5 billion (implied EV/2024 EBITDAal of ~10x) and are subject to customary regulatory approvals, expected to close in H1 2025.

Greenhall Capital Partners and FVLCRUM Funds, in partnership with platform operator FBR Solutions, have acquired Johnson Communications, a Texas-based telecom construction and fiber deployment services provider. The deal positions Johnson as an add-on to FBR Solutions to expand in‑house fiber deployment, installation and maintenance capabilities and to scale the combined platform nationally; terms were not disclosed.

Blue Point Capital Partners-backed National OnDemand has acquired J. Tucker Construction, a Greenville, Texas-based provider of underground utility and fiber construction services. The add-on strengthens National's last-mile and fiber construction capabilities and expands the platform's geographic footprint in the fast-growing Texas market.

Palistar Capital combined the pool of wireless assets managed by its affiliate Symphony Wireless with its portfolio company CTI Towers, creating a new combined platform named Symphony Towers Infrastructure to operate approximately 3,000 tower, rooftop and non-traditional cell sites across the U.S. The move consolidates management and operations to drive scale, create operational efficiencies and support continued organic and inorganic growth of the wireless tower portfolio.

Mobile Communications America, Inc. (MCA) has acquired Supreme Radio Communications, Inc., a long-standing Motorola authorized service station headquartered in Peoria Heights, Illinois. The deal expands MCA's Midwest footprint and adds Supreme Radio's public safety and commercial two-way radio sales, service, and installation capabilities to MCA's national network.

IQ Fiber, a Jacksonville-based 100% fiber-optic internet provider, has completed the acquisition of Maryland-based ThinkBig Networks, expanding IQ Fiber's footprint into Charles, Kent, Queen Anne's and Harford counties. The deal is supported by additional equity funding from SDC Capital Partners and will see ThinkBig leadership integrated into IQ Fiber as the business is rebranded in 2025 to accelerate network expansion in the Chesapeake region.