Alternative investment firm Stonepeak has entered into a definitive agreement with Intrado Corporation to buy its 40-year-old public emergency telecommunications services for $2.4 billion. Intrado’s Safety business has been the foundation for the U.S.’s 911 infrastructure, which connects callers with first responders and public safety dispatchers.
Digital Workflows, which is part of Intrado’s Life & Safety segment, is not included in the deal, which is expected to close in the first quarter of 2023.
The Safety business’s reliable, secure, standards-based network serves 3.1 million wireless sites, 2.5 billion telephone numbers, 13,600 public safety answering points (PSAP), and a cloud and data center footprint across the U.S. and Canada, the company said.
“I am pleased that the Safety team will continue to advance their vision as part of the Stonepeak portfolio, benefitting from their experience and success in investing in a wide range of digital infrastructure companies over the past decade,” John Shlonsky, Intrado’s President and Chief Executive Officer, said in a statement. “I remain excited about Intrado’s future given Digital Workflows, Notified, and Mosaicx are industry leaders in each market they serve.”
Stonepeak, which specializes in digital infrastructure and real assets, has invested in data centers, 5G wireless infrastructure, residential broadband networks, and metro, long haul, and subsea fiber.
“Intrado’s Safety business represents an attractive opportunity to invest behind critical telecommunications infrastructure that underpins access to 911, a public good in the U.S., through its extremely high-quality network, central positioning within the emergency response chain, and long-term customer relationships,” Stonepeak Senior Managing Director James Wyper said in a statement. “We are keen to support the next phase of important work Intrado’s experienced Safety team is undertaking to further enhance and grow this backbone infrastructure that helps keep employees, customers, students, and communities safe.”
RBC Capital Markets acted as lead financial advisor to Intrado, which was also advised by LionTree.
