News
Grain Management has announced the completion of their acquisition of a majority investment in 123NET, a commercial and residential fiber internet provider based in Michigan.
By: Brad Randall, Broadband Communities
Several months after announcing their intent to acquire a majority investment stake in 123NET, Grain Management has announced the completion of their acquisition.
As part of the deal, 123NET’s leadership team will stay put and “retain a meaningful ownership position,” according to a previous announcement from Grain in April.
The deal between Grain and 123NET followed a multiyear bilateral relationship between Grain and 123NET’s management team, as previously reported by Broadband Communities.
Dan Irvin, 123NET’s CEO, said the deal was the next step in 123NET’s growth trajectory “and will allow us to do even more to improve connectivity in Michigan.”
His comments were included in a July 22 release from Grain announcing the deal’s finalization.
“The network infrastructure that 123NET provides to businesses, residents, and communities throughout the state is critical, and we’re proud to be one of the Midwest’s largest and most trusted telecom enterprises,” he said.
Raghav Nayar, a managing director at Grain, said Grain was thrilled to be partnering with 123NET’s leadership team, which Nayar described as accomplished.
“Their data-driven approach to growth and innovation combined with their commitment to community is inspiring,” Nayar said. “We believe that 123NET’s culture aligns perfectly with Grain’s commitment to precision and innovation, and to our dedication to creating sustainable value in our interconnected world.”
According to a previous April release, 123NET operates more than 3,100 miles of fiber routes, and is the ninth busiest internet exchange in North America. Grain has also previously described 123NET as a company that has been on the forefront of connectivity in Michigan.
A summary of the company’s operations also detailed 123NET’s portfolio as including four high-density data centers in metro Detroit and Grand Rapids.
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