Canadian PE Firm Closes On Purchase of All West Communications
By Ted Hearn, Editor of Policyband
Washington, D.C., Jan. 9, 2024 – Canadian private equity firm Novacap has closed on its acquisition of Utah-based broadband and telecommunications provider All West Communications, according to a Jan. 8 filing with the Federal Communications Commission.
The FCC’s Wireline Competition Bureau approved the transaction on Dec. 21, 2023 after seeking public comment on the deal in a public notice released May 5, 2023. The deal was announced on Nov. 29, 2022.
“The Bureau did not receive comments or petitions in opposition to the application,” the FCC said. “We find that there are no potential public interest harms identified in the record,” adding that the transaction will not result in a reduction of competition.
“All West Broadband, a Utah corporation and wholly-owned subsidiary of All West, provides broadband Internet access services to customers in the All West incumbent LEC service areas in Utah and Wyoming,” the FCC said.
All West is also an incumbent local exchange carrier (ILEC) serving “six rural local exchanges over approximately 4,200 access lines in its Utah study area and two rural local exchanges over approximately 200 access lines in its Wyoming study area,” the FCC said.
Launched in 1981, Novacap describes itself as “a leading North American private equity firm with over C$8B of [assets under management] that has invested in more than 100 platform companies and completed more than 150 add-on acquisitions.” Novacap's headquarters are in Brossard, Quebec.
Based in Kamas, Utah, All West began as a company in 1912. Under current President Matthew Weller, the company is in the process of deploying fiber broadband networks in parts of its service area. All West is authorized to receive a total of $46,648 in Rural Digital Opportunity Fund (RDOF) funding to serve 218 locations in 22 eligible census blocks, the FCC said.
Novacap controls Ohio-based Horizon Telecom. Shentel in Edinburg, Va., is in the process of buying Horizon for $385 million in cash and stock. The FCC's comment period on the Shentel-Horizon deal has expired. No party has filed comments.
The Department of Justice and the National Telecommunications and Information Administration, on behalf of the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector, approved Novacap’s purchase of All West.