Consolidated Communications Announces Definitive Agreement to Sell its Virginia Properties

GlobeNewswireNovember 27, 2017

MATTOON, Ill., Nov. 27, 2017 (GLOBE NEWSWIRE) -- Consolidated Communications Holdings, Inc. (CNSL) (“Company”) has entered into an agreement to sell its Virginia properties, Peoples Mutual Telephone Company and Peoples Mutual Long Distance Company, to RiverStreet Management Services, LLC, dba RiverStreet Networks, a subsidiary of Wilkes Communications.  The divestiture allows the Company to continue to focus on its core regions and its integration of FairPoint Communications.

Peoples operates as a local exchange carrier in Virginia to the communities of Gretna, Hurt, Renan and Sandy Level providing telecommunications services to residents and businesses.

The Company’s Virginia operations contributed approximately $6.5 million of revenue in fiscal 2016.  The agreement is an all cash transaction valued at approximately $21 million, subject to certain contractual adjustments.  The closing is subject to customary regulatory approvals, which are expected to be completed in the first quarter of 2018.

“We are very excited to enter into this agreement and expand our service area into Virginia strengthening our position as a technology partner in the region,” said Eric Cramer, president and chief executive officer of Wilkes Communications and RiverStreet Networks.  “We look forward to serving the customers of Virginia and expect a seamless transition upon closing.”

Charlesmead Advisors, LLC, served as exclusive financial advisor to Consolidated Communications on the transaction.

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