Pilot Fiber to Acquire Boldyn Networks' NY/NJ Metro Fiber Business, Raises $330 Million in New Financing

Pilot Fiber, an enterprise connectivity provider serving the New York metropolitan area, has entered into a definitive agreement to acquire the New York and New Jersey metro fiber business of Boldyn Networks, a move that will significantly expand its owned fiber footprint across the region and deepen its reach into key commercial corridors. The transaction marks Pilot's second acquisition this year, following its purchase of Extenet's enterprise fiber business in August, and underscores a broader consolidation trend in the metro fiber market as enterprise demand for high-capacity, low-latency connectivity continues to surge.

To support the acquisition and its ongoing expansion, Pilot has raised more than $330 million in new financing led by Fengate Asset Management, a leading infrastructure investment manager with over $20 billion in assets under management. Fengate is making its equity investment through Fengate Infrastructure Fund V, with the investment led by Warren Roll, Managing Director and Head of Digital Infrastructure at Fengate, who will join Pilot's board of directors. The transactions are expected to close in the second quarter of 2027, subject to customary closing conditions and regulatory approvals. Financial terms of the acquisition itself were not disclosed.

The acquired assets include a New York City fiber network known for data center connectivity, smart city infrastructure, and enterprise services, as well as a New Jersey fiber network serving commercial and carrier customers throughout the state. Upon closing, Pilot's owned footprint will encompass more than 1,600 route miles of fiber and connect over 1,200 buildings and 50 data centers. The deal adds more than 860 route miles of fiber into New Jersey commercial corridors, including a strong presence among healthcare and financial businesses, and extends Pilot's on-net reach into Brooklyn via a dedicated East River crossing, as well as into the Bronx, Staten Island, and Queens, with fiber extending to the Nassau County border. The acquired network also includes monopole infrastructure supporting low-latency connectivity between major financial exchanges.

"This acquisition unlocks a new level of scale for us," said Joe Fasone, CEO of Pilot. "Boldyn's network reaches deep into the five boroughs to the border of Nassau County, and throughout northern and central Jersey, with strong carrier and enterprise relationships already in place. Now we get to bring the same customer-first experience that's defined Pilot from day one to businesses across a much larger part of the region." The acquired business currently serves approximately 100 enterprise, carrier, and institutional customers, which Pilot plans to integrate into its operations once the transaction closes.

Warren Roll of Fengate Asset Management said the investment reflects confidence in Pilot's operating model and growth trajectory. "Pilot has built one of the strongest enterprise fiber operations in New York, and Boldyn's network gives it the reach to grow across all five boroughs and New Jersey," he said. "Pilot's end-to-end operating model is the right way to unlock that network's full potential. We are proud to partner with Joe and his team, and Fengate is fully committed to Pilot's long-term success."

Boldyn, an existing Pilot customer, will expand its relationship with Pilot and continue to use the newly combined fiber networks to support its wireless business in the region. "This strategic relationship with Pilot gives our fiber customers access to a larger network across New York and New Jersey, while allowing us to sharpen our focus on what we do best: deploying wireless infrastructure that keeps people connected where it matters most," said Christos Karmis, Global CEO of Boldyn Networks. Pilot plans to bring its full product suite—including Dedicated Internet Access, Ethernet Transport, Dark Fiber, Wavelength, and IP Transit—to businesses across the combined network, reinforcing its position as a comprehensive connectivity provider in the highly competitive New York metro market.