Subject to approval, the deal is expected to close in Q4 and will see the company’s senior management team retain a substantial ownership stake and remain in their current roles.
The investment is expected to help Cross River expand its dark fibre network into new markets to meet the increasing demand for capacity in the US. The operator serves customers from across the financial, carrier, education, healthcare and enterprise sectors.
“Our partnership with Ridgemont will help ensure that Cross River has continued access to capital for growth as well as broader access to strategic and financial resources. The existing management team will continue to lead and manage the business and there will be no major changes to our day-to-day business operations,” said Enzo Clemente, CEO of Cross River.
Financial terms of the transaction were not disclosed.
