Grain completes acquisition of majority stake in 123NET

News

Grain Management announced that it has completed the acquisition of a majority stake in 123NET, a Michigan-based provider of fiber-optic internet to commercial and residential customers.

Author: Brad Randall, Broadband Communities

Several months after announcing its intention to acquire a majority stake in 123NET, Grain Management announced the completion of the transaction.

As part of the deal, 123NET’s management team will remain in their positions and “retain a significant ownership position,” according to Grain’s previous announcement in April.

The agreement between Grain and 123NET follows on from the long-standing bilateral cooperation between Grain and the 123NET management team, as previously announced Broadband Communities.

Dan Irvin, CEO of 123NET, said the agreement is another step in 123NET’s growth “and will allow us to do even more to improve connectivity in Michigan.”

His comments were included in a July 22 Grain press release announcing the finalization of the deal.

“The network infrastructure that 123NET provides to businesses, residents and communities across the state is critical. We are proud to be one of the largest and most trusted telecommunications companies in the Midwest,” he said.

Raghav Nayar, Managing Director of Grain, said Grain is delighted to have entered into this partnership with the 123NET management team, which Nayar described as a successful one.

“Their data-driven approach to growth and innovation, combined with their commitment to community, is inspiring,” said Nayar. “We believe 123NET’s culture aligns perfectly with Grain’s commitment to precision and innovation, and our dedication to creating sustainable value in our connected world.”

According to a previous April release, 123NET operates more than 3,100 miles of fiber optic lines and is the ninth-busiest internet exchange in North America. Grain has also previously described 123NET as a company that is at the forefront of connectivity in Michigan.

The company’s business summary also detailed 123NET’s portfolio, which includes four high-density data centers in the Detroit and Grand Rapids areas.

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