Key Takeaways
- • Pilot Fiber has agreed to acquire the New York and New Jersey metro fiber business of Boldyn Networks, its second acquisition following the purchase of Extenet's enterprise fiber business in August.
- • Pilot has raised more than $330 million in new financing led by Fengate Asset Management, which is making its equity investment through Fengate Infrastructure Fund V (FIF V).
- • Upon closing, Pilot's owned footprint will exceed 1,600 route miles of fiber, connecting more than 1,200 buildings and 50 data centers across the five boroughs and New Jersey.
- • The acquired business serves approximately 100 enterprise, carrier, and institutional customers; financial terms of the acquisition were not disclosed.
- • The transaction is expected to close in the second quarter of 2027, subject to customary closing conditions and regulatory approvals.
Summary
Pilot Fiber, an enterprise connectivity provider in the New York metro area, has entered into a definitive agreement to acquire the New York and New Jersey metro fiber business of Boldyn Networks, according to a Business Wire release. The deal marks Pilot's second acquisition, following its purchase of Extenet's enterprise fiber business in August. To support the expansion, Pilot has raised over $330 million in new financing led by Fengate Asset Management, a infrastructure investment manager with more than $20 billion in assets under management. Fengate is making its equity investment via Fengate Infrastructure Fund V ("FIF V"), and Managing Director and Head of Digital Infrastructure Warren Roll will join Pilot's board of directors.
The acquired assets include a New York City fiber network known for data center connectivity, smart city infrastructure, and enterprise services, along with a New Jersey network serving commercial and carrier customers. Pilot says the combined owned footprint will contain more than 1,600 route miles of fiber and connect more than 1,200 buildings and 50 data centers. The acquisition adds more than 860 route miles of fiber into New Jersey commercial corridors, with a strong presence among healthcare and financial businesses, and extends on-net reach into Brooklyn via a dedicated East River crossing, as well as into the Bronx, Staten Island, and Queens, with fiber reaching the Nassau County border. The assets also include monopole infrastructure supporting low-latency connectivity between major financial exchanges.
Pilot CEO Joe Fasone said the deal "unlocks a new level of scale," noting Boldyn's strong carrier and enterprise relationships. Pilot plans to integrate the roughly 100 existing customers after closing and to offer its full product suite, including Dedicated Internet Access, Ethernet Transport, Dark Fiber, Wavelength, and IP Transit. Boldyn, an existing Pilot customer, will continue to use the combined fiber networks to support its wireless business in the region. Boldyn Global CEO Christos Karmis said the relationship allows Boldyn to focus on wireless infrastructure, including transport hubs, government facilities, in-building and venue locations, and outdoor small cells.
Financial terms of the acquisition were not disclosed. Guggenheim Securities acted as financial advisor to Fengate, with Simpson Thacher & Bartlett LLP as legal counsel and Leo Berwick as tax and financial due diligence advisor. Goodwin Procter served as legal counsel to Pilot. The Bank Street Group acted as exclusive financial advisor to Boldyn Networks, with Paul Hastings LLP as its legal advisor. The transaction is expected to close in the second quarter of 2027, subject to customary closing conditions and regulatory approvals.
The acquired assets include a New York City fiber network known for data center connectivity, smart city infrastructure, and enterprise services, along with a New Jersey network serving commercial and carrier customers. Pilot says the combined owned footprint will contain more than 1,600 route miles of fiber and connect more than 1,200 buildings and 50 data centers. The acquisition adds more than 860 route miles of fiber into New Jersey commercial corridors, with a strong presence among healthcare and financial businesses, and extends on-net reach into Brooklyn via a dedicated East River crossing, as well as into the Bronx, Staten Island, and Queens, with fiber reaching the Nassau County border. The assets also include monopole infrastructure supporting low-latency connectivity between major financial exchanges.
Pilot CEO Joe Fasone said the deal "unlocks a new level of scale," noting Boldyn's strong carrier and enterprise relationships. Pilot plans to integrate the roughly 100 existing customers after closing and to offer its full product suite, including Dedicated Internet Access, Ethernet Transport, Dark Fiber, Wavelength, and IP Transit. Boldyn, an existing Pilot customer, will continue to use the combined fiber networks to support its wireless business in the region. Boldyn Global CEO Christos Karmis said the relationship allows Boldyn to focus on wireless infrastructure, including transport hubs, government facilities, in-building and venue locations, and outdoor small cells.
Financial terms of the acquisition were not disclosed. Guggenheim Securities acted as financial advisor to Fengate, with Simpson Thacher & Bartlett LLP as legal counsel and Leo Berwick as tax and financial due diligence advisor. Goodwin Procter served as legal counsel to Pilot. The Bank Street Group acted as exclusive financial advisor to Boldyn Networks, with Paul Hastings LLP as its legal advisor. The transaction is expected to close in the second quarter of 2027, subject to customary closing conditions and regulatory approvals.
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