DENVER BUSINESS JOURNAL - Cable operator WideOpenWest is selling a portion of its fiber optic network in Chicago to a Verizon subsidiary for $225 million cash.
The Denver-based company (NYSE: WOW) announced the transaction Tuesday afternoon.
WideOpenWest and Verizon will enter an agreement in which the New York City-based telecom will pay WOW another $50 million to complete its planned build-out of the fiber network in Chicago, the companies said.
The network is expected to be completed in mid-2018, WOW said. It estimates the network being sold to Verizon (NYSE: VZ) will ultimately be able to handle backhaul data for 500 mobile phone antennas and host a similar number of small-cell wireless sites.
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