A group of WaveDivision Capital, Stephens Capital Partners and The Pritzker Organization has agreed to acquire EarthLink, the Atlanta-based internet provider, in partnership with its management team, the buyers said on 15 October. Terms were not disclosed.
Why WaveDivision Capital, Stephens Capital Partners and The Pritzker Organization is buying EarthLink
WaveDivision chief executive Steve Weed described EarthLink as a unique, asset-light national broadband platform. EarthLink chief executive Glenn Goad said the company planned to expand into new markets and keep growing alongside its fibre and 5G partners.
Deal terms and financing
Financial terms were not disclosed. Trive Capital, EarthLink's owner since 2019, will remain a minority investor.
Market context
EarthLink was one of the best-known US dial-up internet brands. Trive partnered with management in January 2019 to carve the business out of its former public parent; it now sells fibre and 5G services over partners' networks rather than owning infrastructure.
