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Beanfield Technologies Expands Fiber Footprint into Montreal with Acquisition of Openface
Thursday 06 February 2020

6 February 2020 - Canadian telecommunications infrastructure company Beanfield Technologies Inc. has acquired Canada-based telecom services provider Openface Inc. to expand fiber footprint into Montreal, the company said.
Financial terms of the private transaction were not disclosed. The acquisition was funded through an equity commitment from Digital Colony Partners, which made a substantial investment in Beanfield in October 2019.
Beanfield said this acquisition will allow the company to meet customers' growing connectivity needs as data speed and reliability become increasingly critical to business operations.
Beanfield Technologies Inc. installs, owns and operates an independent fiber optic network, and provides comprehensive telecom services to over 700 commercial and residential buildings.
Openface Inc. owns and operates a fibre-optic network, as well as a point-to-point wireless service. Openface specialises in private networks, helping businesses connect all their service points across Canada.
Digital Colony Management, LLC is the digital infrastructure investment platform of Colony Capital, Inc. (NYSE: CLNY) and a leading investor, owner and operator of companies enabling the next generation of mobile and internet connectivity.
Davies Ward Phillips and Vineberg LLP served as legal advisor to Beanfield and TD Securities led on the debt financing, while Spiegel Sohmer served as legal advisor to Openface and Richter served as financial advisor.
Details
Date Published: 06/02/2020
Target: Openface Inc
Country: Canada
Sector: Telecommunications
Type: Corporate acquisition
Financing:
Status: Closed
Vendor:
Buyer: Beanfield Technologies Inc
Buyer Advisor: Davies,  Ward Phillips and Vineberg
Comment:
Terms of the deal were not disclosed

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