Consolidated Communications Completes Acquisition of Champaign Telephone Company (CTC)
July 01 2016 - 10:00AM
Deal adds 275 fiber route miles and 310 lit
buildings in IllinoisFurther expands Consolidated’s commercial
services focus
Consolidated Communications Holdings, Inc. (NASDAQ:CNSL)
announced today it has completed the acquisition of Champaign
Telephone Company (CTC) and its sister company, Big Broadband
Services, a private business communications provider in the
Champaign-Urbana, Ill. area.
“We are pleased to finalize the CTC acquisition and
look forward to leveraging the combined strengths of both companies
to serve the greater Champaign-Urbana, Ill. area with expanded
commercial services,” said Bob Udell, president and chief executive
officer of Consolidated Communications. “This acquisition
reinforces our commercial growth strategy, which includes both
organic and acquisition growth.”
CTC serves approximately 1,500 business customers
across the greater Champaign, Ill. area. The acquisition adds
275 fiber route miles and 310 lit buildings to Consolidated’s
Illinois network.
“We will continue to have a strong, local presence
in the greater Champaign-Urbana area and are very excited about the
benefits this business combination will provide CTC customers,”
added Udell.
About Consolidated Communications
Consolidated Communications (NASDAQ:CNSL) provides business and
broadband communications services across its 11-state service area
to carrier, commercial and consumer customers. For more than a
century, the Company has consistently provided innovative,
reliable, high-quality products and services. Consolidated
Communications offers a wide range of communications solutions
including: High-Speed Internet, Data, Digital TV, Phone, managed
and cloud services and wireless backhaul over an extensive fiber
optic network. Learn more about Consolidated Communications
at consolidated.com.
Safe Harbor The Securities
and Exchange Commission (“SEC”) encourages companies to disclose
forward-looking information so that investors can better understand
a company’s future prospects and make informed investment
decisions. Certain statements in this press release are
forward-looking statements and are made pursuant to the safe harbor
provisions of the Securities Litigation Reform Act of 1995.
These forward-looking statements reflect, among other things,
our current expectations, plans, strategies, and anticipated
financial results. There are a number of risks,
uncertainties, and conditions that may cause our actual results to
differ materially from those expressed or implied by these
forward-looking statements. These risks and uncertainties
include a number of factors related to our business, including
economic and financial market conditions generally and economic
conditions in our service areas; various risks to shareholders of
not receiving dividends and risks to our ability to pursue growth
opportunities if we continue to pay dividends according to the
current dividend policy; various risks to the price and volatility
of our common stock; changes in the valuation of pension plan
assets; the substantial amount of debt and our ability to repay or
refinance it or incur additional debt in the future; our need for a
significant amount of cash to service and repay the debt and to pay
dividends on the common stock; restrictions contained in our debt
agreements that limit the discretion of management in operating the
business; regulatory changes, including changes to subsidies, rapid
development and introduction of new technologies and intense
competition in the telecommunications industry; risks associated
with our possible pursuit of acquisitions; system failures; losses
of large customers or government contracts; risks associated with
the rights-of-way for the network; disruptions in the relationship
with third party vendors; losses of key management personnel and
the inability to attract and retain highly qualified management and
personnel in the future; changes in the extensive governmental
legislation and regulations governing telecommunications providers
and the provision of telecommunications services;
telecommunications carriers disputing and/or avoiding their
obligations to pay network access charges for use of our network;
high costs of regulatory compliance; the competitive impact of
legislation and regulatory changes in the telecommunications
industry; and liability and compliance costs regarding
environmental regulations. A detailed discussion of these and other
risks and uncertainties that could cause actual results and events
to differ materially from such forward-looking statements are
discussed in more detail in our filings with the Securities and
Exchange Commission, including our reports on Form 10-K and Form
10-Q. Many of these circumstances are beyond our ability to
control or predict. Moreover, forward-looking statements
necessarily involve assumptions on our part. These
forward-looking statements generally are identified by the words
“believe,” “expect,” “anticipate,” “estimate,” “project,” “intend,”
“plan,” “should,” “may,” “will,” “would,” “will be,” “will
continue” or similar expressions. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements
of Consolidated Communications Holdings, Inc. and its subsidiaries
to be different from those expressed or implied in the
forward-looking statements. All forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements that
appear throughout this press release. Furthermore,
forward-looking statements speak only as of the date they are made.
Except as required under the federal securities laws or the
rules and regulations of the Securities and Exchange Commission, we
disclaim any intention or obligation to update or revise publicly
any forward-looking statements. You should not place undue
reliance on forward-looking statements.
Company Contacts:
Matt Smith
VP of Finance & Treasurer
217-258-2959
matthew.smith@consolidated.com
Jennifer Spaude
Sr. Director of Corporate Communications
507-386-3765
Jennifer.spaude@consolidated.com
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