CNSL - Consolidated Communications stock jumps on $490M sale of investments to Verizon Wireless

• Consolidated Communications ( NASDAQ: CNSL ) stock jumped 11.2% postmarket on Monday after the firm said it will sell its interests in 5 wireless partnerships managed by Cellco Partnership, dba Verizon Wireless, to Cellco for $490M.
• Proceeds will be invested in the business and used to support CNSL's Fiber to the Premises (FttP) build plan.
• "The sale of these investments is part of our long-term strategy as we continue our transformation to a fiber-first broadband company," said CNSL CEO Bob Udell.
• The sales are expected to close by 2022-end.
• Verizon Wireless is a unit of Verizon ( VZ ).

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