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Communications Infrastructure Investments to Acquire Memphis Networx, LLC
June 12, 2007
Communications Infrastructure Investments (CII) Holdco, Inc. is pleased to announce that it has reached an agreement to purchase Memphis Networx, LLC from its current owners, MLGW and Memphis Broadband, LLC. The transaction is contingent upon approval by the MLGW Board of Commissioners and the Tennessee Regulatory Authority.
Memphis Networx provides SONET transport, metro Ethernet, Internet access, and collocation services to business customers within Memphis and the greater Shelby County areas. The company has constructed approximately 200 fiber route miles and includes 140 on-net buildings.
“Memphis Networx has an excellent reputation with its customers. CII’s priority, together with Memphis Networx employees, is to continue to provide outstanding service,” said John Scarano, co-founder of CII.
Jerry Collins, Interim Chief Utility Officer for MLGW, said, “To ensure the continued growth and expansion of Memphis Networx, additional investments are needed. Because, MLGW and Memphis Broadband were not prepared to move forward with these additional investments, this sale is the best possible solution for MLGW and Memphis Networx customers.”
“We look forward to being a long-term partner with the Memphis community,” said Scarano. “Our objective is to be the most responsive bandwidth supplier in those areas where we own fiber infrastructure. We will be creative and proactive in extending the reach of our fiber to meet customers’ needs. CII will invest millions of dollars to extend the reach and capabilities of the network.”
Terms of the agreement include the retention of a fiber network by MLGW for its future use.
About Memphis Networx
Founded in 1999, Memphis Networx owns and operates a fiber optic network throughout the Memphis and Shelby County area. Leveraging next-generation technology, Memphis Networx extends SONET transport, metro Ethernet, collocation, Internet and security services.
About MLGW
MLGW is the largest three-service public power utility in the nation, serving more than 420,000 customers in Memphis and Shelby County.
About Memphis Broadband LLC
Memphis Broadband, LLC was formed as the private investor entity representing the Memphis Angels, a group of successful and prominent local business leaders.
About CII Holdo, Inc.
CII Holdco, Inc. is a holding company, owned by Columbia Capital, M/C Venture Partners, Oak Investment Partners, Battery Ventures and Centennial Ventures, organized to acquire and support long-term development of fiber-based bandwidth solutions-oriented businesses.
Memphis Networx provides SONET transport, metro Ethernet, Internet access, and collocation services to business customers within Memphis and the greater Shelby County areas. The company has constructed approximately 200 fiber route miles and includes 140 on-net buildings.
“Memphis Networx has an excellent reputation with its customers. CII’s priority, together with Memphis Networx employees, is to continue to provide outstanding service,” said John Scarano, co-founder of CII.
Jerry Collins, Interim Chief Utility Officer for MLGW, said, “To ensure the continued growth and expansion of Memphis Networx, additional investments are needed. Because, MLGW and Memphis Broadband were not prepared to move forward with these additional investments, this sale is the best possible solution for MLGW and Memphis Networx customers.”
“We look forward to being a long-term partner with the Memphis community,” said Scarano. “Our objective is to be the most responsive bandwidth supplier in those areas where we own fiber infrastructure. We will be creative and proactive in extending the reach of our fiber to meet customers’ needs. CII will invest millions of dollars to extend the reach and capabilities of the network.”
Terms of the agreement include the retention of a fiber network by MLGW for its future use.
About Memphis Networx
Founded in 1999, Memphis Networx owns and operates a fiber optic network throughout the Memphis and Shelby County area. Leveraging next-generation technology, Memphis Networx extends SONET transport, metro Ethernet, collocation, Internet and security services.
About MLGW
MLGW is the largest three-service public power utility in the nation, serving more than 420,000 customers in Memphis and Shelby County.
About Memphis Broadband LLC
Memphis Broadband, LLC was formed as the private investor entity representing the Memphis Angels, a group of successful and prominent local business leaders.
About CII Holdo, Inc.
CII Holdco, Inc. is a holding company, owned by Columbia Capital, M/C Venture Partners, Oak Investment Partners, Battery Ventures and Centennial Ventures, organized to acquire and support long-term development of fiber-based bandwidth solutions-oriented businesses.
Memphis, TN 38103