Ares-Backed altafiber Raises $600M for Infrastructure Fund

altafiber, formerly known as Cincinnati Bell, has raised $600 million to fuel the construction of its fiber networks in Ohio, Kentucky, Indiana and Hawaii, as the company continues an accelerated build-out strategy amid rising costs.

The capital raise was provided by funds managed by asset managers Macquarie Asset Management and Ares Management, along with existing investors and unnamed co-investors.

The company was acquired by Macquarie Infrastructure in 2021 for $2.9 billion, after which it began trading under the altafiber brand. Since then, the company has passed 300,000 premises with its fiber rollout, reaching a total of 1.1 million homes.

By the end of the year, the company expects to finish the construction of fiber for every single-family unit within Greater Cincinnati. Meanwhile, the completion of the construction of Hawaii’s statewide fiber network is expected by the end of 2027.

“The combination of our operational expertise and this new funding will allow us to continue to invest in fiber, expand our geographic reach, and help to create digital equity in many rural and suburban communities,” said Leigh Fox, President and CEO of altafiber.