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Verizon to Purchase Consolidated Communications Wireless InvestmentsConsolidated Communications Announces Sale of Wireless Investments to VerizonProceeds will support the Company’s fiber network expansion and investmentConsolidated Communications Holdings, Inc. announced that Clio Subsidiary, LLC, a subsidiary of the Company, has entered into
an agreement to sell its limited partnership interests in five wireless
partnerships managed by Cellco Partnership, d/b/a Verizon Wireless, to Cellco
for an aggregate purchase price of $490 million. The net proceeds of the sales
will be invested in the business and used to support the Company’s Fiber to the
Premises (FttP) build plan. The sales are expected to close by the end of 2022,
subject to certain closing conditions and third-party purchase rights available
to other partners in the partnerships. “The sale of these wireless investments is part of our long-term strategy as we continue our transformation to a fiber-first broadband company,” commented Bob Udell, President and Chief Executive Officer of Consolidated Communications. “Proceeds from these transactions will directly support our fiber expansion plan, our key strategic priority,” commented Bob Udell, President and Chief Executive Officer of Consolidated Communications. Source: Consolidated Communications media announcement | |
