TDS Broadband Service LLC, a subsidiary of Telephone and Data Systems, Inc. (TDS), continued its recent history of expansion today, announcing it had agreed to buy substantially all of the cable, broadband, and business assets of Mooresville, N.C.-based Continuum, for $80 million.
Among the other expansion deals for TDS have been its investment to upgrade speeds throughout the network and the ongoing and completed buildouts of gigabit networks in Sun Prairie, Wis. and in other areas.
The most recent transaction is expected to close in the fourth quarter of 2019, subject to the satisfaction of closing conditions. TDS announced this is an expansion into a new state for the company. It sold off its North Carolina assets back in 2015.
Continuum is an internet, video, and voice operator owned by the municipalities of Mooresville and Davidson, N.C. Continuum offers high speed, fiber- and coax-based internet services in Mooresville, Davidson, Cornelius, and Huntersville, passing a total of 36,500 households and employing 70 individuals. Continuum reported $21 million in revenues for the fiscal year ending June 30, 2018.
“We and Mooresville and Davidson selected TDS because of the strength of its proposal and its leadership in the industry, specifically in areas of our size and geography,” adds Robert Guth, interim CEO of Continuum, in a prepared statement. “I strongly believe TDS will carry forward our local vision and continue to deliver a next generation set of communication services to our residential and business customers today and for many years to come.”
“We are looking forward to expanding our operations into the vibrant state of North Carolina,” said Jim Butman, president and CEO of TDS Telecom, in a prepared statement. “We expect to build off of the excellent operations and services provided by Continuum and look forward to welcoming their employees to our team.”