Court Square to buy Fibertech for $500 mn

BANGALORE, INDIA:  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.