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Advanced Radio Telecom Corp. Secures $251 Million Equity Investment from Qwest Communications

Strategic Insights

— 1 min read

Advanced Radio Telecom Corp. has announced the completion of a significant equity investment from Qwest Communications International Inc. and a group of high-tech investment funds, totaling $251 million. This strategic partnership is expected to accelerate ART's efforts to provide high-speed internet services to businesses across 40 top communications markets in the United States.

Key Takeaways:

  • ART has secured a $251 million equity investment from Qwest Communications International Inc. and a group of high-tech investment funds, making Qwest its single largest investor and strategic partner.
  • The investment will enable ART to accelerate its efforts to provide non-fibered businesses with the bandwidth they need to compete in the communications-driven world.
  • ART's network has undergone several months of testing using Triton Network Systems' Invisible Fiber(TM) wireless technology, with demonstrations of various applications, including rapid file transfer, IP Voice, and streaming video.
  • The ART board of directors has elected two new members, Bandel Carano and Marc Weisberg, in connection with the transaction, and two current directors, Mark Demetree and James Cook, have resigned.
  • ART currently operates metropolitan area networks in San Jose, Seattle, Portland, and Phoenix, and plans to expand to 40 of the top 50 U.S. markets in the next few years.

Statistics:

  • $251 million: the total amount of the equity investment from Qwest Communications International Inc. and a group of high-tech investment funds.
  • 40: the number of top communications markets in the United States that ART plans to deploy its broadband wireless/fiber network to in the next few years.
  • 38GHz: the frequency of the nationwide footprint of spectrum licenses that ART owns in the United States.
  • 100Mbps: the speed of ART's broadband wireless access to businesses.

Sources:

  • "ART Adds Customers to 100Mbps Network in San Jose Today". Business Wire. (Sept. 9, 1999).
  • "Advanced Radio Telecom Corp. (ART) News". ART's web site. (No date).
  • "ART Announces Launch of Commercial 100Mbps Internet Network Services in San Jose, California." Business Wire. (Aug. 24, 1999).

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