Boston Omaha Corporation, a company that operates in the real estate, advertising and insurance spheres, has recently announced the acquisition of Arizona-based wireless internet service provider, AireBeam Communications.
For the record, AireBeam has served communities in southern Arizona for past 17 years with its high-speed internet service and is building an all fiber-to-the-home (FTTH) network in selected areas.
According to a statement, AireBeam CEO & Co-Founder, Gregory Friedman said that their firm has effectively offered rural communities with high-speed internet services while recording favorable returns on invested capital. Their team is excited to work with Boston Omaha as a long-term partner and is looking forward to expanding its FTTH footprint.
Adam Peterson, Boston Omaha Co-CEO, said that the firm is thrilled to enter the high-speed internet business, as there is a high demand for more bandwidth across homes and businesses in rural areas. Meanwhile, Alex Rozek, Co-CEO, Boston Omaha, claims that their company’s strong balance sheet and AireBeam’s rural broadband business model would provide a powerful platform that brings FTTH to additional communities and serve customers in the future.
Currently, AireBeam targets underserved communities around Arizona that essentially require higher speed internet connectivity. Its focus on engineering solutions has led to the delivery of broadband service to over 7,000 users.
With the recent deal, Boston Omaha has reportedly acquired all of the assets of the predecessor company, while all employees are expected to remain with the firm. Gregory Friedman is stated to retain a 10% initial ownership stake in the new company and would guide AireBeam’s next phase of growth.
Whereas, the remaining 90% initial ownership stake is said to be held by a wholly owned subsidiary of Boston Omaha that plans to make new capital investments to fund its FTTH expansion strategies.