Consolidated Communications Holdings completed it previously announced acquisition of SureWest Communications for approximately $324 million, exclusive of debt, based upon the closing price of Consolidated's common stock on June 29, 2012.
"We are excited to complete this process and are looking forward to the opportunities that lie ahead," said Bob Currey, Consolidated's President and Chief Executive Officer. "This transaction with SureWest brings together our consistent cash flows with SureWest's growth to create a financially strong company with a robust balance sheet and attractive dividend payout ratio. The combined company provides a diverse set of revenues and cash flows across multiple markets resulting in a stronger, more competitive company."
SureWest Communications, based in Roseville, California, started as a rural provider of telephone service in 1914 and has evolved into a leading provider of high-quality telecommunications and broadband services with about 800 employees and approximately 282,000 connections.
http://www.consolidated.com
02-Jul-12
- As of March 31, 2012, Consolidated served 226,167 ILEC access lines, 89,672 Competitive Local Exchange Carrier (CLEC) access line equivalents, 112,368 high-speed internet subscribers, 35,337 IPTV subscribers and 9,569 VOIP lines for residential and business customers in Illinois, Texas and Pennsylvania.
