Toronto-based managed services provider and colocation provider Cogeco Peer 1 has a new owner today after being sold by Cogeco Communications Inc. to Digital Colony for $720 million, according to a report by The Canadian Press.

The new ownership structure will see Cogeco Peer 1 “become a standalone business,” according to a LinkedIn post by Susan Bowen, president of Cogeco Peer 1. “As a company, we are grateful for the support and resources Cogeco Communications has provided and as we enter our next phase of growth, we will continue to focus on innovation and meeting the needs of our customers.”

That new standalone business will include Cogeco Peer 1’s 3,300 km of fibre in the Toronto and Montreal areas, several data centres across North America and Europe, and offices in Toronto and Vancouver. Divisions of the firm will include a fiber division and a data centre division, according to a press release.

“The fiber division will be Canada’s first independent, neutral-host provider of small cell and 5G infrastructure and enterprise and wholesale fiber connectivity. The company’s data center division will concentrate on enabling multi-cloud services for enterprises while reinforcing its role as a leading hybrid-solutions managed service provider,” the release states.

Digital Colony is a global investment firm headquartered in Miami. Dedicated to investing in digital infrastructure, it has a $2.4 billion venture fund that was raised last year, according to Crunchbase. It previously acquired Finnish firm Digita, which is a broadcaster that’s expanded its services to wireless data.

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