Sep. 11—Hawaiian Telcom officially has its second owner in just over three years.

One of the state's largest telecommunication service providers is now owned by Macquarie Infrastructure Partners V after the $2.9 billion sale of Hawaiian Telcom parent Cincinnati Bell was completed Tuesday.

Cincinnati Bell had owned Hawaiian Telcom since July 2018, when it bought the Honolulu-based company for $650 million in stock and cash.

The all-cash sale—including debt—to Macquarie provides for $15.50 a share to Cincinnati Bell shareholders. Those recipients include former Hawaiian Telcom shareholders who received Cincinnati Bell stock when Hawaiian Telcom was sold three years ago. Under terms of the merger, Cincinnati Bell will be a subsidiary of Macquarie Infrastructure Partners.

"This transaction is very positive for our company, our customers and our local community, " Hawaiian Telcom President and General Manager Su Shin said Friday in a statement. "Our customers should not see any changes as a result of this transaction."

Cincinnati Bell President and CEO Leigh Fox said Tuesday the closing of the transaction marks the beginning of a new chapter in the company's nearly 150-year history.

"Our partnership with MIP is tremendous news for Cincinnati Bell's 4, 700 employees, our customers, and the communities we serve, " Fox said in a statement. "MIP has deep telecommunications expertise and a strong track record of investing in capital intensive businesses, which will be critical as we deliver on our strategy to drive next generation, integrated communications through an expanded fiber network as well as our IT services platform."

Cincinnati Bell's sale to Macquarie was announced March 13, 2020, and approved by Cincinnati Bell's shareholders on May 7, 2020. But it took until this week to clear all the necessary regulatory hurdles.

Trading in Cincinnati Bell's common shares have been suspended on the New York Stock Exchange, and the company has requested that its shares be delisted.

Hawaiian Telcom, which has been serving Hawaii for nearly 140 years and has more than 1, 100 employees, said it is hiring more people as it prepares to expand its fiber-optic build-out.

"Macquarie's support will enable us to increase our investments in our state and accelerate the build of our statewide fiber network, " Shin said. "Expanding this fiber network will increase access to high-speed internet service for more residents and businesses, and help to bridge the digital divide that was clearly highlighted by the COVID pandemic."

Hawaiian Telcom's range of services to business and residential customers in Hawaii include internet, video, voice, data network solutions and security, colocation, and managed and cloud services.

Shin also said the company's strong community support will continue.

"Hawaiian Telcom has donated $2.5 million to community non-profits over the past five years, focusing on education, STEM, economic development, and health initiatives across the state, " she said. "Our employees have collectively volunteered over 7, 200 hours over the past two years since the launch of our employee volunteer program and we intend to continue giving back and supporting our communities."

Cincinnati Bell offers high-speed internet, video, voice and data to residential and business customers over its fiber-optic and copper networks. The company provides service in areas of Ohio, Kentucky and Indiana.

Macquarie Infrastructure Partners is a fund managed by Macquarie Asset Management, which is involved with infrastructure renewables, real estate, agriculture, transportation finance, private credit, equities, fixed income and multi-assets.

As of March 31 Macquarie Asset Management had $427 billion of assets under management and a staff of more than 1, 900 operating across 20 markets in Australia, the Americas, Europe and Asia.

Anton Moldan, senior managing director with Macquarie Asset Management, said Cincinnati Bell's expansion plans will play an essential role in building full digital participation within its service territories.

"We are incredibly excited to partner with the experienced management team at Cincinnati Bell to continue to build out a high bandwidth fiber to the premise network for consumers, enterprises, and carriers, as well as to support the growth of their market leading IT serv ­ices platform, " Moldan said in a statement.

The fiber-to-the-premise network involves the installation and use of optical fiber from a central point directly to residences, apartment buildings and businesses for high-speed internet access.

"Cincinnati Bell provides the communities they serve with vital network connectivity, and we're looking forward to supporting their expansion plans to bring fiber throughout their market, " Moldan said.

Cincinnati Bell said it and Hawaiian Telcom are committed to full digital participation through ongoing investments in fiber. Cincinnati Bell and Hawaiian Telcom today cover 60 % of Greater Cincinnati and 40 % of Hawaii, with fiber-to-the-premise technology, making those regions among the most fiber-dense metropolitan areas in the United States.

Cincinnati Bell said its partnership with Macquarie Infrastructure Partners will allow the company to expand the fiber network at an accelerated pace over the next three years and make high-speed internet available throughout its operating territories.

Cincinnati Bell said the transaction with Macquarie Infrastructure Partners will provide Cincinnati Bell's information technology services businesses, CBTS, with increased flexibility to make strategic investments in its communications, cloud, consulting serv ­ices, security and infrastructure practices.