Canadian Pensions Help Fund Boldyn Buyout of Apogee Telecom
Posted on 03/07/2024
Canada Pension Plan Investment Board (CPP Investments), Alberta Investment Management Corporation (AIMCo) and Manulife Investment Management announced a new follow-on commitment to Boldyn Networks (Boldyn), a shared network infrastructure provider in the U.S. and globally. This commitment will support Boldyn’s ongoing growth strategy, including the agreed acquisition of Austin, Texas-based Apogee Telecom, Inc. (Apogee), one of the largest providers of on-campus connectivity infrastructure in the U.S. higher education industry. Boldyn Networks was formerly known as BAI Communications. BAI Communications acquired Mobilitie in late 2021, Vilicom in late 2021, Signal Point in early 2022, and ZenFi Networks in late 2022. BAI Communications also purchased New York subway communications specialist Transit Wireless.
This acquisition represents an opportunity for Boldyn to grow its U.S. footprint and capabilities by expanding into the higher education sector as the demand for highspeed, low latency connectivity at colleges and universities continues to rapidly increase. Serving more than 350 institutions, Apogee offers wireless residential campus networks for students, faculty and staff, as well as managed campus network and technology solutions, fiber infrastructure as a service, and video services. Through this deal, Apogee’s customers will have access to Boldyn’s extended wireless capabilities.
Since 2009, CPP Investments has been a majority shareholder in Boldyn (with an 86% position) and has committed approximately C$3.5 billion to the Boldyn platform, with AIMCo as a minority shareholder in the company (with a 10% position). In the fourth quarter of 2021, Manulife Investment Management, on behalf of its clients, partnered with Boldyn to acquire a minority interest in its digital infrastructure assets in the U.S.
The Apogee transaction is subject to customary regulatory consents. It is expected to close in the second quarter of 2024.
Advisors
Boldyn Networks was advised by Bank Street Group and Latham & Watkins. Houlihan Lokey acted as financial advisor to Apogee.
BAI Communications was formerly Broadcast Australia, is an Australian telecommunications systems company. In November 2019, Broadcast Australia was rebranded BAI Communications. Macquarie Bank completed its acquisition of National Transmission Agency in 2002 the seed asset in the publicly listed Macquarie Communications Infrastructure Group (MCIG) fund and rebranded it as Broadcast Australia. The MCIG fund, including Broadcast Australia, was acquired by the Canada Pension Plan Investment Board in 2009.