D.C. Memo: Malone's GCI Buying Alaska Subsea Fiber Operator Quintillion, Ending Grain Management's Brief, Painful Tenure
GCI's press release said the deal has an enterprise value of $310 million plus several other deal sweeteners
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Merger: GCI Liberty, an Alaska communications company controlled by cable pioneer John Malone, is buying subsea fiber network owner Quintillion for more than $300 million in addition to a few other deal sweeteners. Grain Management, a private equity firm based in Washington, D.C., has owned Quintillion for just 26 months, a tenure that included a disastrous and prolonged subsea fiber cut in the Arctic Ocean that couldn’t be repaired for about nine months, degrading Internet and mobile service in large areas of Alaska in 2025. “The transaction will combine Quintillion’s 1,800+ miles of existing subsea and terrestrial fiber and ~1,500 miles of planned fiber expansion with GCI’s statewide network and operations, advancing GCI’s mission to deliver reliable connectivity for Alaskans,” the companies said in a press release Wednesday morning. GCI is acquiring Quintillion at a $310 million enterprise value, which combines equity and debt, minus cash on hand. Soon after signing the papers, GCI is planning to provide a $160 million unsecured loan to Quintillion. The press release did not discuss Quintillion President Mac McHale’s future with the combined entity. (More after paywall)
