Goodwin Advises Pilot Fiber on a Strategic Investment Made by Fengate Asset Management
The Technology and Private Equity teams advised Pilot Fiber, Inc. (“Pilot”) in connection with a strategic investment made by Fengate Asset Management (“Fengate”), a leading infrastructure investment manager with more than $20 billion in assets under management, which was used, in combination with certain debt proceeds, to facilitate Pilot’s agreement to acquire the New York and New Jersey metro fiber business of Boldyn Networks (“Boldyn”). In connection with the transactions, Pilot has raised over $330 million in new debt and equity financing. The Fengate investment and Boldyn acquisition transactions are expected to close in the second quarter of 2027, subject to customary closing conditions and regulatory approvals. Upon closing, Pilot’s owned footprint will contain more than 1,600 route miles of fiber and connect more than 1,200 buildings and 50 data centers. The transaction will significantly extend Pilot’s reach into Brooklyn, Queens, the Bronx, Staten Island, and across New Jersey.
Pilot delivers enterprise-grade connectivity to businesses across the New York metro area through complete network ownership and in-house operational expertise. Since 2014, the company has built a network of 1,600+ miles of modern fiber infrastructure throughout the New York metro area, serving 4,000+ businesses across 1,200+ buildings with a full suite of services: dedicated internet access, ethernet transport, dark fiber, wavelength, and IP transit.
The Goodwin deal team was led by David Concannon (Technology) and Josh Soszynski (Private Equity) and supported by Tim Hurley, Natalie Minois, Andrew Sunol, Andres Corcuera, Shuxin Qian, Kaitlyn Buffaloe, and Ben Rodrigues (Technology / Private Equity); Kristopher Ring and Maciej Zielnik (Debt); Janet Andolina (Tax), Andy Barton and Qiuyu (Zoe) Li (Benefits/ERISA), Jacqueline Klosek and Karl Dragosz (Privacy), Beth Withers and Martha Schreck (Intellectual Property), Timothy Holahan and Laura Conway (Labor & Employment), Justin Pierce and Sofia Polishchuk (Global Trade), Simone Waterbury, Elliot Silver, and Arom Yun (Antitrust), Ai Tajima, Edward Newton, and Virginia Wong (Insurance), and Ximeng (Sammy) Tang (AML).
For more information on the deal, please read the press release.