August 31, 2008
iProvo-Broadweave Deal Finally Done
PROVO (AP) -- The sale of Provo's troubled fiber-optic network is finally done.
Broadweave announced Saturday that its $40 million purchase of iProvo is complete.The network was believed to be the largest municipally built and owned system in the country. But it soon ran into trouble, going millions of dollars into the red for several years. Faced with that debt, the city began looking at options last year, including the possibility of a sale.
The complex deal with Broadweave took several months to complete.
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