Date Closed

June 10, 2020

Lead Office

Toronto

On June 10, 2020, Xplornet Communications Inc. and Stonepeak Infrastructure Partners announced that Stonepeak Infrastructure Partners had concluded its acquisition of Canadian broadband service provider Xplornet Communications Inc. 

This transaction furthers Xplornet's plan to accelerate investment in its national hybrid fibre wireless and satellite broadband network for rural Canadians. Upon completion of the transaction, Xplornet now has a strong balance sheet to execute its plan of improving broadband service for residences and business in rural Canada, along with access to growth capital to pursue organic and inorganic developments of its broadband business.

Credit Suisse Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial centers around the world

Xplornet serves about 1 million Canadians in the nation’s provinces and territories. That includes more than 300,000 in rural areas that typically don’t have access to regular wireless networks. Its hybrid network relies on fixed-wireless towers and satellites to reach remote regions.

Stonepeak Infrastructure Partners is a North America focused private equity firm that invests in businesses comprised of hard assets with leading market positions primarily in the Energy, Power & Renewables, Transportation, Utilities, Water & Communications sectors.

McCarthy Tétrault LLP advised Credit Suisse AG, Cayman Islands Branch and a syndicate of lenders in connection with the financing of Stonepeak's acquisition of Xplornet with a team led by Richard Higa, that included D.J. Lynde and William Lee (Financial Services), Peter Grant and Grant Buchanan (Telecommunications), Robert Nearing and Stefanie Morand (Tax), Deron Waldock and Kelleher Lynch (Pensions), Oliver Borgers and Jonathan Bitran (Competition), John Boscariol (International Trade), Shauvik Shah (Corporate), and Michael Scherman (Technology).