On June 11, 2020 Canada's largest rural-focused broadband provider Xplornet Communications announced the completion of its sale to New York-based private equity firm Stonepeak Infrastructure Partners, whereby Stonepeak acquired a controlling stake following receipt of all regulatory approvals and financing. Xplornet says the takeover gives it new capital resources to accelerate investment in its national hybrid fibre, wireless and satellite broadband network including 5G access for rural Canadians. In 2019 Xplornet promised to invest CAD500 million (USD370 million) over the next five years in broadband technology deployment.

The value of the takeover deal, agreed on 27 February 2020, has not been disclosed, although unconfirmed reports have put its worth at approximately USD2 billion including debt.

Thanks to TeleGeography for this industry update.