Goldman Sachs’ acquisition of ImOn closes

Goldman Sachs Asset Management’s infrastructure investing business unit closed on its purchase of Cedar Rapids-based ImOn Communications Friday.

“As part of the transaction, Goldman Sachs Asset Management will make new investments to help accelerate ImOn’s growth in (fiber-to-the-premises) data, video and voice services to homes and businesses throughout Eastern Iowa and surrounding markets,” the companies said in a news release.

Financial terms of the deal were not disclosed.

“The completion of this acquisition enables ImOn’s management team to continue the company’s ambitious growth in Eastern Iowa markets,” the release said.

When the deal first was announced in February, Lisa Rhatigan, ImOn vice president of customer experience, told The Gazette ImOn will finish its network build out to residences and businesses in the Cedar Rapids metro area, Iowa City, Coralville and Dubuque in the next three years.

ImOn was founded in 2007 as a single-market cable provider and today owns and operates a more than 2,000 miles of network that reaches more than 60,000 households and businesses, the company said.

Goldman Sachs is an multinational investment bank based in New York.