Goldman Sachs Asset Management LP is acquiring Iowa-based fiber-to-the-premise broadband company ImOn Communications LLC to support ImOn's expansion of its high-speed fiber network into new markets.

ImOn was founded in 2007 and now functions as a regional fiber-to-the-premise platform. It owns and operates a network that spans over 2,000 miles, reaching more than 60,000 households and businesses in Iowa.

The transaction is expected to close in the first half of 2022 and is subject to obtaining customary regulatory approvals. Financial terms were not disclosed.

Goldman Sachs manages other infrastructure businesses, including CityFibre, the United Kingdom's largest independent full-fiber infrastructure platform, and Global Compute Infrastructure LP, a global data center platform.

"Increasing usage and reliance on broadband connectivity by households and businesses create a highly attractive growth opportunity for ImOn to deploy FTTP infrastructure," Goldman Sachs Asset Management Partner Leonard Seevers said in a news release.