Thursday, September 28, 2023

Xplornet to be acquired by NYC-headquartered private equity firm Stonepeak

New Brunswick-based rural broadband service provider Xplornet Communications Inc. has announced it’s being acquired by Stonepeak Infrastructure Partners, a New York-headquartered private equity firm focused in infrastructure.

Stonepeak has agreed to acquire a controlling stake in Xplornet, with current Chairman of the Board Steve Weed, and his fund WaveDivision Capital, remaining material investors. Subject to regulatory approval, the deal is expected to close in the coming months.

With over $17 billion USD under its purview, Stonepeak has a track record of investment in global telecommunication businesses. It’s previously invested in Canadian data centre business, Cologix, which operates 17 interconnected facilities across MontrealToronto and Vancouver.

Xplornet says Stonepeak is committed to supporting its existing rural broadband-focused business plan, with the acquisition enabling the company to accelerate investment in its national hybrid fibre wireless and satellite broadband network.

Allison Lenehan

President & CEO Allison Lenehan and Xplornet’s current executive team will continue to lead the company, which will remain headquartered in New Brunswick.

“We are excited that Stonepeak has agreed to acquire Xplornet and is strongly committed to continuing our mission of providing rural Canadians with world-class broadband services.” said Lenehan, in a release. “Stonepeak’s investment will position Xplornet to accelerate development of our facilities-based broadband network and services, enabling much faster speeds, including unlimited data plans at affordable prices for rural Canada.”


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Connie Thiessen
Connie Thiessen
Connie has worked coast-to-coast as a reporter, editor, anchor and host at CKNW and News 1130 in Vancouver, News 95.7 and CBC in Halifax, and CFCW Edmonton, among other stations. With a passion for music, film and community service, she led News 95.7 to a 2013 Atlantic Journalism Award and regional RTDNA award for Best Radio Newscast. More recently, she was nominated for Music Journalist of the Year at Canadian Music Week 2019. To report a typo or error please email -

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