NEW YORK – Verizon Communications Inc. (NYSE, Nasdaq: VZ) today completed its $225 million purchase of fiber-optic network assets serving the Chicago market from WideOpenWest, Inc. (NYSE: WOW).
The transaction is part of Verizon’s effort to scale and accelerate deployment of next-generation broadband services.
For Verizon, the transaction secures fiber to more than 500 macro-cell wireless sites and more than 500 small-cell wireless sites in the Chicago area. The high-capacity fiber network is designed to support multi-use services and already connects Verizon Wireless macro towers and small cells, reducing future leasing costs.
"The addition of these fiber assets is an important part of our strategy to reinforce our current network capabilities and prepare for the future. The completion of this acquisition will help expedite our network densification with fiber and small cells, enhancing our industry-leading 4G LTE network and laying the groundwork for 5G," said Nicola Palmer, Chief Engineer and Head of Wireless Networks, Verizon.