Tuesday, September 2, 2008

Broadweave Completes iProvo Buy

Broadweave Networks announced Tuesday that its acquisition of iProvo, the nation's largest municipal fiber-to-the-home network, is complete. The Salt Lake City, Utah-based company said the $40.6 million transaction, which was first reported in May, became official Friday. The fiber network, which is located in Provo, Utah, reaches 36,000 homes, businesses, government buildings and schools; the network was developed by the city of Provo with the idea of providing cheap broadband and phone service to Provo residents. Broadweave also said it plans to do more than service residential customers; the company noted that it has already launched fiber-optic data and voice services for businesses.