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Verizon buying Chicago fiber network assets from WOW!

Verizon Communications Inc. struck an agreement to purchase fiber-optic network assets serving the Chicago market from WideOpenWest Inc. in a deal worth $225 million.

The deal also includes an additional $50 million in network investment for WOW! to complete the build-out of its Chicago network in the second half of 2018.

Verizon will secure fiber to more than 500 macro-cell wireless sites and more than 500 small-cell wireless sites, the company said Aug. 1. The WOW! Chicago high-capacity fiber network is designed to support multi-use services and already connects Verizon Wireless macro towers and small cells, thereby reducing Verizon's leasing costs.

The transaction is expected to close early in the first quarter of 2018.

Reed Smith LLP is serving as Verizon's legal adviser for the deal.