BELLEVUE, Wash.-Advanced Radio Telecom Corp. said it completed a $251 million equity investment from Qwest Communications International Inc. and a group of high-tech investment funds.
Henry C. Hirsch, ART’s chairman and chief executive officer, said Qwest is the company’s single largest investor and will be working closely with ART during the next several years as the company builds out its broadband wireless/fiber network.
“The technological sophistication of Oak Investment Partners and the other high-tech investors will also be a great help as we deploy our new metropolitan area networks in 40 of the top communications markets over the next few years,” said Hirsch.
With the closing of the transaction, the ART board of directors elected Bandel Carano, general partner at Oak Investment Partners, and Marc Weisberg, senior vice president of corporate development at Qwest, to ART’s board.
