Point Broadband and Clearwave Fiber to Combine, Creating a Scaled, Independent Fiber Platform

Rhea-AI Summary

Point Broadband (NYSE:CABO) signed a definitive agreement to combine with Clearwave Fiber, creating a scaled independent fiber operator reaching more than 500,000 homes and businesses across 12 states. The deal excludes Clearwave's Southern Illinois operations, which are being sold to Metro Communications. The combined company will be jointly controlled by GTCR and Berkshire Partners, with both firms committing growth capital to support organic builds and M&A. David Armistead will serve as CEO and John Cinelli as chairman.

The transaction is expected to close in H1 2026, subject to customary closing conditions and regulatory approvals, and targets accelerating expansion to over 1 million passings.

Positive

• Combined reach of more than 500,000 customers across 12 states
• Target to accelerate to 1+ million passings
• GTCR and Berkshire committed growth capital to fund expansion
• Named leadership: David Armistead as CEO and John Cinelli as chairman

Negative

• Clearwave's Southern Illinois operations excluded from the transaction
• Deal closing subject to regulatory approvals and customary conditions in H1 2026

Key Figures

Current customers more than 500,000 Homes and businesses reached by combined company

States served 12 states Footprint of combined fiber operator

Expansion target 1+ million passings Planned near-term fiber build-out goal

Point Broadband founding 2017 Year Point Broadband was founded

Clearwave Fiber formation 2022 Year Clearwave Fiber was formed via joint venture

Transaction closing window first half of 2026 Expected closing timing, subject to approvals

Market Reality Check

$103.99 Last Close

Volume Volume 159,876 vs 20-day average 135,422 indicates somewhat elevated trading interest. normal

Technical Price $104.16 is trading below the 200-day MA $162.25 and far under the 52-week high $384.11.

Peers on Argus

CABO fell 7.7% while peers were mixed: ATUS +1.7%, SIFY +0.7%, GOGO +0.42%, SHEN -2.33%, LILA -1.76%, pointing to a stock-specific move.

Common Catalyst Same-day peer news includes an earnings date for SIFY and a product initiative update for GOGO, but no broad sector catalyst.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 31	Management change	Neutral	-5.1%	Announcement of new CEO appointment and related leadership transitions.
Dec 08	Business initiative	Positive	-4.3%	Launch of Partner Solutions Program to expand business sales channels.
Nov 06	Acquisition	Positive	-7.0%	Agreement to acquire Clearwave Fiber’s Southern Illinois fiber operations.
Nov 06	Earnings update	Negative	-7.0%	Q3 2025 results with revenue decline despite higher net income from gains.
Oct 23	Earnings call notice	Neutral	+1.5%	Scheduling of conference call to discuss upcoming Q3 2025 results.

Pattern Detected

Recent CABO news events, including management changes, acquisitions, and product initiatives, have frequently been followed by negative price reactions.

Recent Company History

Over the last few months, CABO events have included leadership changes, strategic fiber acquisitions, and new business programs. Q3 2025 results on Nov 6 showed lower revenue but higher net income, and that news coincided with a notable share-price decline. Subsequent acquisition and management announcements in Nov–Dec 2025 also saw negative reactions. Today’s fiber-platform combination involving Clearwave aligns with this ongoing strategic repositioning in broadband and fiber assets.

Market Pulse Summary

This announcement describes the combination of Point Broadband and Clearwave Fiber into a large independent fiber platform, reaching more than 500,000 customers across 12 states with a goal of over 1 million passings. For CABO, a significant Clearwave investor, it adds context to earlier fiber-related transactions and leadership changes. Investors may watch closing progress into the first half of 2026, integration outcomes, and how the new leadership team executes on organic builds and M&A.

Key Terms

fiber-to-the-premise technical

"Point Broadband, a leading provider of high-speed fiber-to-the-premise internet"

Fiber-to-the-premise (FTTP) is the installation of fiber-optic cable directly to a home or business, replacing older copper lines so data travels on light instead of electricity. Think of it as swapping a narrow garden hose for a wide pipe — it delivers much faster, more reliable internet and supports high-demand services. For investors, FTTP often means higher long-term revenue potential, lower maintenance costs, and a stronger competitive position for service providers.

m&a financial

"aims to double in size in the near-term through a combination of organic builds and M&A."

M&A, short for mergers and acquisitions, involves one company combining with or purchasing another company to grow, streamline operations, or gain competitive advantages. For investors, M&A activity can signal potential for increased value, new opportunities, or changes in market dynamics, making it an important factor to watch in the business landscape.

AI-generated analysis. Not financial advice.

Transaction Creates One of the Largest Independent Fiber Operators in the U.S., Reaching More than 500,000 Customers Across 12 States; Accelerates Planned Expansion to 1+ Million Passings

Backed by GTCR and Berkshire Partners, The Combined Company Will Be Led by David Armistead as Chief Executive Officer with Metronet Co-Founder and former CEO John Cinelli as Chairman

OPELIKA, Ala. and SAVANNAH, Ga., Jan. 5, 2026 /PRNewswire/ -- Point Broadband, a leading provider of high-speed fiber-to-the-premise internet in small-town and underserved markets across the United States, today announced it has signed a definitive agreement to combine with Clearwave Fiber, creating a scaled, independent fiber platform. This transaction includes all Clearwave Fiber assets other than the Southern Illinois operations that are being purchased by Metro Communications. Upon closing, the combination will create one of the largest independent fiber operators in the United States, operating across 12 states and currently reaching more than 500,000 homes and businesses with fiber.

Point Broadband was founded in 2017 and is backed by leading private equity firms GTCR and Berkshire Partners. The Company's fiber network stretches across 10 states, predominately in the Southeast and Midwest.

Formed in 2022 through a joint venture among Cable One, GTCR, The Pritzker Organization, and Stephens Capital Partners and headquartered in Savannah, Georgia, Clearwave Fiber is a provider of fiber internet services to residential and commercial customers across the Southeast and Midwest.

David Armistead, Chief Executive Officer of Clearwave Fiber, will serve as CEO of the combined Company and John Cinelli, Chairman of Point Broadband's Board of Directors and a founder and former CEO of Metronet, will serve as Chairman. Under David and John's leadership, the platform is positioned to drive significant growth and aims to double in size in the near-term through a combination of organic builds and M&A.

"This transaction brings together two complementary fiber businesses," said David Armistead, incoming CEO of the combined Company. "With increased scale and density in our core geographies, we will accelerate fiber deployment while remaining focused on providing a world-class experience for each and every one of our customers."

"Point and Clearwave are highly aligned on building reliable, state-of-the-art fiber networks," said John Cinelli, Chairman. "This combination positions us to lead consolidation across our footprint and accelerate toward our goal of reaching more than one million passings."

The combined Company will be jointly controlled by GTCR and Berkshire Partners, both of which have committed significant growth capital to support continued organic builds and M&A. Cable One, a current investor in both Point Broadband and Clearwave Fiber, will contribute its equity investment in Clearwave Fiber into the go-forward Company and remain a significant shareholder.

"Point and Clearwave are a natural fit together. With David and John at the helm, the combined Company is well-equipped with world-class leadership to execute on a disciplined growth strategy and expand high-quality connectivity to more underserved areas across the country," said Stephen Jeschke, Managing Director at GTCR.

"We partner with exceptional management teams of fast-growing businesses and are excited to support the next phase of growth alongside our fellow investors," said Drew Walker, Managing Director at Berkshire Partners. "We are thrilled to be working alongside David and John to expand Point and Clearwave's fiber-based internet access and exceptional customer service to many more communities across the U.S."

Todd Koetje, Interim CEO and CFO of Cable One, added, "We're proud of what Clearwave Fiber has built, and are excited to remain a significant shareholder in the combined Company as it continues its fiber deployment strategy in small towns and underserved communities across the country."

The transaction is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals. Houlihan Lokey served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Point Broadband. Morgan Stanley & Co. LLC served as financial advisor to GTCR and Berkshire Partners. Bank Street Group served as lead financial advisor, J.P. Morgan, and Truist Securities served as financial advisors, and Latham & Watkins LLP provided legal counsel to Clearwave Fiber. Cravath, Swaine & Moore LLP provided legal counsel to Cable One.

About Point Broadband:
Point Broadband, headquartered in Opelika, Alabama, was founded in 2017 with the mission of delivering a superior broadband solution to consumers and businesses in small-town USA and rural America. Point Broadband currently operates in 10 states across the U.S. and continues to expand its network, driven by a mission to improve lives through fiber technology and deliver best-in-class customer care. For additional information, visit point-broadband.com.

About Clearwave Fiber:
Clearwave Fiber was established in 2022 through a joint venture between Cable One, GTCR, The Pritzker Organization, and Stephens Capital Partners. The Company provides advanced broadband and fiber-based services to residential and commercial customers across the Midwest and the Southeast United States.

About GTCR:
Founded in 1980, GTCR is a leading private equity firm that invests behind The Leaders Strategy^™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $30 billion in over 300 companies, and the firm currently manages approximately $50 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.

About Berkshire Partners:
Berkshire Partners is a 100% employee-owned, multi-sector specialist investor in private and public equity, with a focus on U.S.-based, middle-market companies. The firm's private equity team invests in well-positioned, growing companies across services, healthcare, industrials, and technology. Berkshire is currently investing from its Fund XI, which held its final closing in 2024 with approximately $7.8 billion in commitments. Since inception, Berkshire Partners has made more than 150 private equity investments and has a strong history of collaborating with management teams to grow the companies in which it invests. The firm's public equity group, Stockbridge, founded in 2007, manages a concentrated portfolio seeking attractive long-term investments. For additional information, visit www.berkshirepartners.com.

About Cable One:
Cable One, Inc. (NYSE:CABO) is a leading broadband communications provider delivering exceptional service and enabling more than 1 million residential and business customers across 24 states to thrive and stay connected to what matters most. Through Sparklight^®, the brand our customers know and trust, we're not just shaping the future of connectivity – we're transforming it with a commitment to innovation, reliability and customer experience at our core.

Our robust infrastructure and cutting-edge technology don't just keep our customers connected; they help drive progress in education, business and everyday life. We're dedicated to bridging the digital divide, empowering our communities and fostering a more connected world. When our customers choose Cable One, they are choosing a team that is always working for them – one that believes in the relentless pursuit of reliability, because being a trusted neighbor isn't just what we do – it's who we are.

Media Contact

PR@ClearwaveFiber.com

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SOURCE Point Broadband; Clearwave Fiber

FAQ

What did Point Broadband (CABO) announce on January 5, 2026?

Point Broadband announced a definitive agreement to combine with Clearwave Fiber, creating a scaled independent fiber platform reaching >500,000 customers across 12 states.

When is the Point Broadband and Clearwave Fiber transaction expected to close for CABO?

The transaction is expected to close in first half of 2026, subject to customary closing conditions and regulatory approvals.

How will the Point Broadband and Clearwave Fiber combination affect CABO's network size?

The combined company will reach more than 500,000 passings now and targets expanding to over 1 million passings

Who will control and lead the combined CABO company after the deal?

The combined company will be jointly controlled by GTCR and Berkshire Partners; David Armistead will be CEO and John Cinelli will be chairman.

Are any Clearwave assets excluded from the CABO transaction?

Yes. The Southern Illinois operations of Clearwave Fiber are excluded and are being purchased by Metro Communications.