Mattoon, Illinois – December 1, 2022 – (BUSINESS WIRE) – Consolidated Communications Enterprise Services, Inc. (“Company”) is pleased to announce it has completed the sale of its Kansas City assets, effective Nov. 30, 2022, to Everfast Fiber Networks LLC for approximately $82 million in gross cash proceeds, subject to the finalization of certain working capital and other post-closing purchase price adjustments. The divestiture is an outcome from the Company’s strategic asset review and focus on its fiber expansion plans in its core regions.
Everfast Fiber Networks LLC, which is owned by funds managed by Astatine Investment Partners LLC, is committed to the delivery of high-quality data, telephony and video services to residential and commercial customers in the Kansas City market.
“We’re pleased to have closed on the Kansas asset sale which results in a greater focus on our core regions as we utilize the proceeds to support our fiber expansion plans,” said Bob Udell, president and chief executive officer of Consolidated Communications. “With strong liquidity and no debt maturities until 2027, we are on a path to upgrade 1.6 million total passings to fiber as we simplify our business and focus on our fiber-first strategy.”
Consolidated’s Kansas City operations are estimated to contribute approximately $45 million of revenue in the full year 2022. The Kansas City operations includes services to residential and commercial customers.
Bank Street Group LLC served as the exclusive financial advisor to Consolidated Communications on the transaction.