NEW YORK, May 30, 2018 /PRNewswire/ -- Tiger Infrastructure Partners announced today that its portfolio company Hudson Fiber Network (HFN) has signed a definitive merger agreement with ExteNet Systems, Inc. to sell the company in an all cash transaction. Other transaction terms were not disclosed.
Hudson Fiber Network (HFN) is a data transport provider which has a significant metro fiber network in the greater New York City area and operates a national wide-area network with key international points of presence. The buyer, ExteNet Systems, is the largest private developer, owner and operator of distributed networks enabling advanced mobile broadband connectivity across the United States. ExteNet Systems' owners include Stonepeak Infrastructure Partners and Digital Bridge Holdings.
Tiger Infrastructure Partners acquired a controlling stake in HFN in 2014 from the company's founders. Since then, the company has significantly expanded its network in the Manhattan and New Jersey markets by building and acquiring new fiber, grown its enterprise business, and increased its dark fiber product offerings. HFN is one of four investments that Tiger Infrastructure has made in the communications infrastructure space in the U.S. and Europe. Tiger's CEO and Managing Partner, Emil W. Henry Jr., explained "Tiger's successful partnership with HFN was a good example of our investment strategy: we provided growth capital and the resources of our operating and financial teams to help a young company with superb management build critical infrastructure and scale. The result was substantial value creation. I am confident that HFN's future as part of a larger infrastructure platform is bright. Communications infrastructure remains one of Tiger's key areas of focus."
HFN's CEO Brett Diamond, commented "three years ago, I chose Tiger as our financial partner because of their intensive value-add approach to growth infrastructure. Their contributions to our success were critical." Adam Emmert, Partner with Tiger Infrastructure added, "the HFN team has done a phenomenal job building its organization, expanding its physical network and winning new customers." The transaction is expected to close in 2018, pending receipt of customary regulatory approvals.
Hudson Fiber Network was advised in the transaction by Q Advisors LLC and Lowenstein Sandler LLP.