Cincinnati Bell announced Monday that it is merging with a Hawaiian Telecom, as well as acquiring a Toronto-based IT company, OnX Enterprise Solutions.
Cincinnati Bell will take over Hawaiian Telcom for $650 million and OnX Enterprise Solutions for $201 million.
The transactions advance Cincinnati Bell's refined strategy to focus on growing its business in two distinct areas: network communications and enterprise IT services. With Cincinnati Bell's network business, the Company is investing in the future through its accelerated fiber build, and continuing to successfully migrate customers in both urban and non-urban areas from legacy services to more advanced fiber offerings.
In the Company's IT services business, Cincinnati Bell is expanding its portfolio of enterprise networking, unified communications and data center solutions, and becoming a leading cloud integrator for both voice and data. In parallel, the Company is extending its geographic footprint and diversifying its customer base, adding incremental value for existing customers.
Leigh Fox, President and CEO, Cincinnati Bell
Cloud migration, the need for fiber infrastructure that supports 5G-ready, high-density data transmission and IoT are the key trends that will define telecommunications in the future. The implementation of our refined strategy, coupled with today's combinations, will help build two distinct businesses with the appropriate scale, structure and leadership to deliver superior operating results, while providing strategic optionality from a diversified but complementary portfolio of assets.