Jacksonville’s new Internet offering has recently been sold to an overseas stakeholder. I3 Broadband has been sold to Wren House Infrastructure Management, a subsidiary of the Kuwait Investment Authority for an undisclosed sum, according to a report by Capacity Media published Tuesday.
The Kuwait Investment Authority was established in 1953 as the world’s first and oldest sovereign wealth fund by the country of Kuwait. It was established as a way to diversify its state assets beyond oil stocks. It acts as an independent body of the government to manage finances. It is the 5th largest sovereign wealth fund in the world with assets exceeding $592 billion.
I3 was previously owned by Seaport Capital and Countrywide Broadband. According to the report, Wren House’s purchase is intended to support I3’s build out in communities like Jacksonville as well as their holdings in the State of Rhode Island. Director of Marketing & Sales for I3, Josh Bradbury, says it has no effect on the current build out in Jacksonville: “Really, it doesn’t mean a lot to our day to day [operations.] It’s all the same employees, the same people, and the same plans and goals that we had previously. We just have a different partner that we are moving forward with. We are really excited about the projects we have already made, and look forward to exceeding what we had initially planned. So far so good.”
Wren House currently has overseas holdings in England, Turkey, and 10 other countries. Their investment portfolio includes investments in airports, ports, water, and energy generation for both conventional and renewable sources. I3’s Dan Kennedy told Capacity Media that the new investment partner will allow them to remain committed to their local holdings and to continue to provide customer-first solutions.
I3 is currently laying fiber optic cable in Jacksonville as part of a $2.5 million agreement with the city to bring fiber to the door citywide. Bradbury says that the new ownership will be bringing bigger opportunities for I3 to continue to expand and improve its holdings in the U.S.