Quintillion Acquired by Out-of-State Investment Firm
Sommai | Envato
With the Grain
“Our partnership with Grain will expedite closing the digital divide and accelerate the pace with which we connect more Alaskans to each other and to the rest of the world,” says Quintillion CEO George Tronsrue III. “With this partnership, Quintillion will continue to work with our country’s defense agencies to enhance our national defense and security in this critical part of the globe.”
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September 2023
Founded in 2015, Quintillion constructed and operates a fiber-optic cable network that provides high speed broadband services to communities in Northern Alaska. Quintillion’s system currently has the capacity to deliver gigabit and terabit bandwidth services on a 1,200-mile subsea and 500-mile terrestrial fiber optic network.
A planned three-phase subsea cable system would connect Asia to the American Pacific Northwest, and to Western Europe via the Northwest Passage and through the Alaska and Canadian Arctic.
“The Grain team is passionate about the globally transformative power of broadband technology, and after years of following Quintillion we think this is a great fit for our investment strategy,” says Chad Crank, managing director at Grain. “We are excited to partner with management to accelerate the company’s growth while continuing to support the critical connectivity needs of communities in Alaska and beyond.”
Financial terms of the transaction have not been disclosed. Bank Street Group served as exclusive financial advisor to Quintillion and Cooper Investment Partners, and Alston & Bird and Morgan, Lewis & Bockius served as legal advisors to Grain and Quintillion, respectively.
Grain Management was founded in 2007 and invests exclusively in the global broadband industry.
