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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Downturns Reward Contrarian Conviction
- Conviction during downturns creates contrarian opportunity for outsized returns.
- Charlesbank's 2009 backing of a go-private plan exemplified that countercyclical payoff.
Frasca Dinner Almost Broke A Deal
- Horace tells a heated Frasca dinner where Dan accused bankers of being arms dealers and relationships nearly broke.
- Ken intervened, and the dinner ended with Dan backing down and the relationship preserved.
Call That Revealed A Lost Deal
- Dan recounts being called by Carmen asking whether she had signed a deal to buy Target Fiber and learning another buyer had won.
- The story illustrates how a deal isn't real until signed and the perils of no exclusivity.
