Consolidated Communications Announces Definitive Agreement to Sell Its Ohio Assets
MATTOON, Illinois – (COMMERCIAL THREAD) – Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) (âCompanyâ) has entered into an agreement to sell its Ohio assets to Middle Point Home Telephone Company (MPH), a subsidiary of Hanson Communications, Inc. Asset Selling aligns with the Company’s Strategic Asset Review and focuses on its core broadband regions.
Consolidated’s Ohio operations generated approximately $ 9 million in revenue in fiscal 2020 and include approximately 4,000 access lines and 3,900 Internet connections. Closing of this deal is subject to customary regulatory approvals, which are expected to be finalized by the end of the year. The Company will provide more information on this sale during its third quarter 2021 earnings call.
“Our family is very excited to enter into this agreement and expand our service area in Ohio, âsaid Bruce Hanson, Treasurer and Owner of the Hanson Communications Family Business. “We look forward to serving these customers and expect a smooth transition to closing. ”
About consolidated communications
Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) is dedicated to advancing people, businesses and communities by providing the latest reliable communications solutions. Consolidated consumers, businesses, and wireless and wireline carriers depend on Consolidated for a wide range of high-speed Internet, data, telephony, security, cloud and wholesale solutions. With a network spanning nearly 50,000 kilometers of fiber route, Consolidated is one of the top 10 fiber providers in the United States, turning technology into solutions backed by exceptional customer support. Learn more at consolidated.com. Connect with us on social media.
About Hanson Communications
Hanson Communications, Inc. is a family-owned telecommunications company, founded in 1951. Hanson has more than 10,000 access lines, 15,000 Internet connections and 5,500 TV connections.
Certain statements contained in this press release are forward-looking statements and are made in accordance with the safe harbor provisions of the Securities Litigation Reform Act of 1995. These forward-looking statements reflect, among other things, our expectations, plans, strategies and 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 uncertainties relating to the impact of the novel coronavirus (COVID-19) pandemic on the Company’s business, operating results, cash flows. cash, stock prices and employees; the possibility that any of the anticipated benefits of Searchlight’s strategic investment or our outstanding debt refinancing, including our senior secured credit facilities, may not materialize; the outcome of any legal proceedings that may be brought against the Company or its directors; the ability to obtain regulatory approvals and to meet other investment closing conditions on time or at all, including the risk that the regulatory approvals required for the investment will not be obtained subject to conditions that are not anticipated or which could adversely affect the Company or the expected profits from the investment; the intended use of the proceeds of the strategic investment; the economic and financial conditions of the markets in general and the economic conditions in our service areas; various risks to the price and volatility of our common shares; 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 liquidity to service and repay debt restrictions contained in our debt agreements which limit management’s discretion in the operation of the business; regulatory changes, including changes in subsidies, the rapid development and introduction of new technologies and intense competition in the telecommunications industry; the risks associated with our possible pursuit of acquisitions; system failures; cyber attacks, information or security breaches or technological failures of ours or a third party; loss of large customers or government contracts; risks associated with network rights-of-way; disruptions in the relationship with third party suppliers; the loss of key management personnel and the inability to attract and retain highly qualified managers and personnel in the future; changes in extensive government legislation and regulations governing telecommunications providers and the provision of telecommunications services; new or changing tax laws or regulations; telecommunications operators contesting and / or avoiding their obligations to pay network access charges for the use of our network; the high costs of regulatory compliance; the competitive impact of legislative and regulatory changes in the telecommunications industry; and the costs of liability and compliance with environmental regulations; and the risks associated with stopping the payment of dividends on our common shares. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from these forward-looking statements is discussed in more detail in our filings with the SEC, including our reports on the forms. 10-K and 10-Q. Many of these circumstances are beyond our ability to control or predict. In addition, forward-looking statements necessarily involve assumptions on our part. These forward-looking statements are generally identified by the words “believe”, “expect”, “anticipate”, “estimate”, “project”, “intend”, “plan”, “should”, “could “,” “Would”, “will”, “continue” or similar expressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company and its subsidiaries to differ from those expressed or implied in the forward-looking statements. . All forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements that appear throughout this press release. In addition, forward-looking statements speak only as of the date on which they are made. Except as required by federal securities laws or SEC rules and regulations, we disclaim any intention or obligation to publicly update or revise any forward-looking statement. You should not place undue reliance on forward-looking statements.