Kuwait Sovereign Wealth Buys Broadband Operator in Central Illinois

Posted on 09/15/2020


Wren House Infrastructure Management Limited, the infrastructure unit of the Kuwait Investment Authority (KIA), inked a deal to buy Peoria, Illinois-based i3 Broadband from New York-based Seaport Capital and CountryWide Broadband Group, Inc. i3 Broadband is a fiber-to-the-home (FTTH) operator in Illinois, providing gigabit-speed broadband, as well as video and voice services, to residential and commercial customers in Central Illinois. Founded in 1997, Seaport Capital is a lower middle market buyout firm that invests in communication infrastructure and services, business and information services and media companies. Countrywide Broadband is a St. Louis-based broadband acquisition and management firm.

In 2016, Seaport Capital acquired ITV-3, Inc., a provider of triple-play fiber-based services to residential and commercial customers in central Illinois. Seaport had partnered with CountryWide Broadband to lead the company. iTV-3 was then rebranded to i3 Broadband.

Advisors

Lazard Middle Market acted as sole financial advisor to i3 and Thompson Coburn acted as i3’s legal counsel.

Rothschild & Co acted as financial advisor to Wren House and Sullivan & Cromwell acted as Wren House’s legal counsel.