(Reuters) – Private equity firm Court Square Capital Partners, formerly known as Citigroup Venture Capital, will buy broadband provider Fibertech Networks LLC for $500 million from another private equity firm, the Wall Street Journal said.
Rochester, New York-based Fibertech is changing hands from Nautic Partners and Ridgemont Equity Partners, which was previously part of Bank of America Corp, the daily said.
Fibertech is a leader in building and operating fiber optic networks throughout mid-size cities in the Eastern and Central regions of the United States.
Court Square Capital could not be immediately reached for comments by Reuters outside regular U.S. business hours.
(Reporting by Archana Shankar in Bangalore; Editing by Erica Billingham)