Jacksonville-based IQ Fiber announced Nov. 22 it reached an agreement to acquire Maryland’s ThinkBig Networks.
Both companies are providers of 100% fiber-optic internet service.
IQ Fiber said in a news release the expansion is backed by additional equity funding from SDC Capital Partners, a New York-based private equity firm focused on digital infrastructure.
The terms of the deal were not disclosed. The transaction is subject to regulatory and other approvals and is expected to close in several months.
“Joining forces with IQ Fiber will allow us to accelerate our network deployment and leverage the success of a larger platform,” said Dee Anna Sobczak, CEO and co-founder of ThinkBig Networks, in the release.
“IQ Fiber’s complementary culture, vision and strategy will ensure a seamless transition for our customers and further strengthen our position as Maryland’s premier fiber-optic internet service provider.”
ThinkBig Networks serves customers in Kent, Charles, Queen Anne’s and Hartford counties.
“We have been impressed by what the ThinkBig Networks team has been able to achieve across its markets in Maryland,” said Ted Schremp, CEO of IQ Fiber, in the release.
“We look forward to working with Dee Anna and her team to bring competition, choice and a streamlined customer experience to even more communities across the Chesapeake Bay Region.”