Two months after the original deadline, Broadweave announced early Saturday morning that their $40 million purchase of the iProvo fiber-optic network is complete.

The company says the deal comes with good news: new subscribers and revenue are above expectations. The company is not releasing specific figures.

One of the last remaining questions in the deal was also answered. Financial backer Sorenson Capital is no longer part of the deal. It was Sorenson that provided a good deal of calm after the original announcement because of its massive funding mechanism and perhaps more importantly the name of Fraser Bullock. Bullock is tied closely to Mitt Romney and is a well-know businessman and Olympic organizer.

Taking Sorenson's place is increased funding from another venture capital firm, EsNet, and existing Broadweave investors including Bullock who is a founding member of the company.

‘We have great confidence in the fundamentals underlying Broadweave’s strategy and direction, and in the company’s future," said David Moon, general partner of EsNet.

Broadweave won't be alone on the network despite its first hopes. The company failed to make a deal with service providers Nuvont and Veracity. Those companies will continue to provide service and it was for that reason that Sorenson dropped out.

"Our business and legal due diligence indicated that in the absence of the acquisition of the network providers, the proposed iProvo deal no longer fit Sorenson Capital's private equity profile," Bullock said.

Broadweave was able to close the deal with the largest provider, Mstar.

‘Broadweave will continue to win customers rather than buy them,’ said CEO Steve Christensen.

The iProvo network was the largest municipally built and owned system in the country. But since its inception it has run in the red to the tune of several million dollars a year. Mayor Lewis Billings and others have complained that the wholesale model they were forced to use because of state law was largely responsible.

Faced with the mounting debt, the city began to look at options last year, including selling the network. The deal with Broadweave is not for outright purchase, however. The city will continue to hold the bonds while Broadweave makes the payments.

The contract calls for a multi-million dollar surety from the company in the event something goes wrong and the city has to assume responsibility for the payments.

‘Given the complexity of this project and transaction, we are very pleased to announce that our deal with Broadweave is now fully signed, sealed and delivered,’ Billings said.