Broadband, voice and television services provider Pavlov Media Inc. on Tuesday, March 28, said a fund managed by asset management firm Macquarie Asset Management has made a preferred equity investment in the company.

Pavlov didn’t disclose the financial details of the transaction, which it said will enable the company to continue the construction of fiber infrastructure in existing and new markets, increase its multidwelling unit market presence and accelerate its fiber-to-the-home initiatives, concentrating on core markets.

Pavlov Media, founded in 1994, primarily provides broadband services to MDUs under bulk agreements with landlords. The Champaign, Ill.-based company focuses on off-campus housing for universities in more than 150 towns in the U.S. and Canada.

The Deal reported in February that Pavlov Media was raising preferred financing from a Macquarie Asset Management fund with an implied valuation of $500 million, or 25 times Ebitda.

Sydney-based Macquarie is an asset manager offering a diverse range of equities, fixed income and multiasset services products. In November it said it had raised €12.6 billion ($13.6 billion) in the final close on a Series 2 funding for its Super Core Infrastructure Fund.

A Hogan Lovells team led by New York M&A partners Peter Cohen-Millstein and Adrienne Ellman provided legal counsel to Pavlov, which turned to Lazard Ltd. for financial advice.

Morgan Stanley was the financial adviser to the Macquarie fund, and John Pitts and Ben Hardison led a Kirkland & Ellis LLP team that provided legal counsel.