Boston Omaha Corporation (NASDAQ: BOMN) has entered the telecommunications services business with the acquisition of AireBeam Communications, a family owned rural broadband fiber and fixed wireless Internet service provider, the company said.
For 17 years, AireBeam has served communities in southern Arizona with high-speed, fixed wireless Internet service and is building an all fiber-to-the-home network in select markets.
AireBeam operates in underserved communities throughout Arizona that need higher speed and greater Internet capacity. AireBeam´s focus on engineering solutions specific for these distinctive communities has resulted in the delivery of broadband service to more than 7,000 customers.
Full financial terms of the deal were not disclosed, however, Boston Omaha acquired substantially all of the assets of the predecessor company in the deal and all employees are expected to remain with the company.
Gregory Friedman is continuing as CEO while retaining a 10% initial ownership stake in the newly formed entity as he continues to guide AireBeam´s next phase of growth. The remaining 90% initial ownership stake will be owned by a wholly owned subsidiary of Boston Omaha, which intends to make significant additional capital investments to fund the company´s planned fiber-to-the-home expansion.
Boston Omaha is a public holding company with three majority owned businesses engaged in outdoor advertising, surety insurance and broadband telecommunications services. Boston Omaha also maintains minority investments in a bank, a national residential home builder and a commercial real estate services business.