One Equity invests $100m in rural internet

The JPMorgan private equity group’s investment in Open Range Communication has satisfied a requirement for private financing that will allow the company to access $267m in US Government loans.

One Equity Partners has invested $100 million in broadband company Open Range Communications allowing the company to access $267 million in loans from the US Department of Agriculture’s Rural Development Utilities Program.

Open Range, which provides wireless broadband services to rural areas of the US, was approved for the loan in March with the condition that private financing be secured.

The capital will be used to roll out internet services to more than six million people in 546 rural communities, the company said in a statement.

A One Equity spokesperson declined comment.

One Equity, which was established in 2001, manages $8 billion of private equity investments and commitments across sectors including defense, chemicals, healthcare, technology and manufacturing.

The JPMorgan unit earlier this month lost an agreed deal to purchase TV Guide Network and TV Guide Online for $300 million when the seller, digital entertainment company Macrovision Solutions, terminated the deal in favor of a $255 million sale to entertainment studio Lionsgate.