Affluence Corporation enters 5G infrastructure market and names CEO
Affluence Corporation is divesting its entertainment division interests to focus on 5G infrastructure and technologies.
The diversified holding company has appointed James E. Honan Jr. as CEO and will now be focused on 5G infrastructure businesses, including: fibre, tower construction and maintenance, base station installation and other complimentary technologies.
Affluence Corporation sees telecom infrastructure as key to its 5G strategy and said that Honan, who has over 25 years of investment banking experience, was hired due to his “impressive track record as a strategic thinker, leader and his successful track record of building businesses within organisations”. He is tasked with setting and executing an aggressive growth plan that will include identifying potential acquisition targets to fuel growth, while leading and executing the company's acquisition and integration strategy.
“With the advancement of 5G over the next few years, telecom operators will be able to drive and lead the digital transformation of the mobile industry by implementing new business models, products and services and it all begins with the infrastructure. With enhanced data speeds, connectivity, and the capacity of 5G, we will see unprecedented insights and abilities that will change what we do and how we do it,” said Honan.
“The industry will see a high demand for crew capacity in 2020 as operators race to have their networks enhanced in order to support 5G. Businesses recognising this trend will have a leg up in the market as they capitalise on the entire telecom market moving into the 5G arena.”
Most recently, Honan was president of Affluence's telecom vertical but prior to that he was a consultant to several companies and private equity firms advising on business development and mergers and acquisitions.
“I am very excited that Affluence is giving me this opportunity," added Honan. "Fulfilling the promise of what 5G can deliver begins with infrastructure. It will involve laying miles of fibre, tower construction, installation of hardware and software and maintaining the infrastructure. We are positioning Affluence to be a premier service provider in the telecom infrastructure space.”
The company revealed that it already has pending letter of intent (LOI) agreements in place with several businesses.
Investment interest in these 5G infrastructure areas is booming and Capacity's Abigail Opiah recently reported on how investors are betting on the US metro fibre market.