Investment firm OMERS Infrastructure is to invest in Canadian fiber firm Beanfield Technologies Inc.
OMERS this week announced it has agreed to provide a 'significant capital commitment' to DigitalBridge-owned Beanfield. Financial terms of the investment were not disclosed.
The investment will go towards providing broadband connectivity to homes and businesses in Canada, mainly in Toronto, Vancouver, and Montreal.
Beanfield is the owner and operator of a 100 percent fiber infrastructure network that serves the enterprise, commercial, and residential sectors across Canada.
The investment from Omers will be used to expand Beanfield's 4,000km fiber network, which currently serves approximately 4,000 commercial buildings and over 170,000 residential units in Ontario, Quebec, and British Columbia.
The investment also marks an inaugural partnership between OMERS and DigitalBridge. DigitalBridge, an initial investor in Beanfield back in 2019, will continue to hold a majority stake in the company.
“We are pleased to support Beanfield’s relentless focus on delivering high-quality, cost-effective broadband connectivity to more Canadians and proud to partner with Beanfield’s management team and DigitalBridge, a leading sector-focused investor. Investing in the critical digital infrastructure sector in our home market has been a priority for us and we are delighted to enter into this partnership," said Gisele Everett, Senior Managing Director and Head of Americas, OMERS Infrastructure.
The transaction is expected to close in the third quarter of this year, subject to customary regulatory approvals.