The Bear Roars Bandwidth: Horace Zona, Managing Director at DigitalBridge
Sep 25, 2025
In a captivating conversation, Horace Zona, Managing Director at DigitalBridge and veteran dealmaker, shares his insights on the dynamic world of telecom and digital infrastructure. He recounts pivotal transactions like AboveNet and Zayo, revealing the strategy behind price discovery as both art and science. Horace discusses competitive bidding, the importance of building relationships with investors, and how the current AI and robotics wave mirrors the late '90s boom. His tales from the boardroom highlight the skill of navigating complex negotiations and fostering long-term partnerships.
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Episode notes
Discovering Dark Fiber's Economics
- Horace recalls meeting Bill at AboveNet and discovering dark fiber economics rivaled tower-like returns.
- That realization influenced later acquisitions and capital allocation decisions around 2011–2014.
Diligence Trip That Shaped Strategy
- Horace recounts the XO diligence trip where he saw Dan maneuver the chess pieces in deal diligence.
- That trip shaped their excitement about recreating resilient business models in fiber.
Price Discover Constantly
- Do continuous price discovery by probing sellers even when you are not buying to learn market boundaries.
- Use those conversations to calibrate future bids and identify surprising acquisition value.
