WaveDivision, Pritzker and Stephens team up to buy EarthLink

WaveDivision Capital, The Pritzker Organization and Stephens Capital Partners are partnering with management to acquire EarthLink, the Atlanta-based internet provider. Trive Capital, which carved EarthLink out of its former public parent in 2019, will keep a minority investment. Financial terms were not disclosed.

Why it matters: The buyers are betting on EarthLink's asset-light model, which resells fiber and 5G access to more than 68 million homes without owning the networks.