Brightspeed gets whopping $3.7 Billion in financing to build fiber networks

Brightspeed, the company that bought Lumen Technologies’ copper assets in 20 markets, has won $3.7 billion in new financing to spend toward its fiber buildouts. The financing comes from a syndicate of bankers and other investors led by Brightspeed’s parent company Apollo Global Management. Apollo paid $7.5 billion for Brightspeed in 2022. Brightspeed CEO Tom Maguire said, “The same people who funded the original go-around are back again. I take that as a good sign. They still believe in what we’re doing.” Of the new Brightspeed funding, Jonathan Spalter, CEO of USTelecom Association, said, "I think the underlying theme is it’s a real affirmation not only for Brightspeed and its build plan but also the overall positive climate for broadband as a lot of folks in the financial community really see a pathway for growth and success."