Vast Broadband today announced it had completed its earlier announced acquisition of regional broadband fiber company NTS Communications. Terms of the deal were not disclosed.
Telecompetitor reported the planned acquisition when it was first announced in January.
The deal greatly expands the footprint of Vast, a provider of high-speed broadband, video, and voice services to over 55,000 residential and business customers in South Dakota and Minnesota markets. NTS offers similar services to more than 20,000 residential and business customers in Texas and Louisiana. Oak Hill Capital Partners (Oak Hill) and Pamlico Capital (Pamlico) led a recapitalization of Vast and NTS to finance the deal and support future growth plans.
The management team hasoperated Vast since 2014 and has a history of successful broadband operations, having built NewWave Communications, which served 160,000 subscribers.
As a result of the current deal, the senior management team at Vast — CEO Jim Gleason, CFO Keith Davidson and COO Larry Eby — will join forces with local management at NTS.
“We are thrilled to acquire the attractive NTS fiber assets and support NTS’s talented local management team to better serve these customers and communities,” Vast CEO Jim Gleason said in a prepared statement. “We are excited to launch our next stage of growth supported by long-term financial commitments from Oak Hill and Pamlico, and we look forward to investing in our network and service offerings across the combined footprint while continuing our focus on providing the highest quality service to our customers.”