Consolidated 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”
“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.
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The Company will now release its second quarter earnings on Tues., Aug. 2, 2022 and will host a live conference call and webcast on the same day at 8:30 a.m. ET. The webcast and materials will be available on Consolidated’s Investor Relations website at http://ir.consolidated.com. The live conference call dial-in number for analysts and investors is 888-440-5977, conference ID 8956400.
Consolidated Communications Holdings, Inc. is dedicated to moving people, businesses and communities forward by delivering the latest reliable communications solutions. Consumers, businesses and wireless and wireline carriers depend on Consolidated for a wide range of high-speed internet, data, phone, security, cloud and wholesale carrier solutions. With a network spanning more than 50,000 fiber route miles, Consolidated is a top 10 U.S. fiber provider, turning technology into solutions that are backed by exceptional customer support.