2023-10-16 10:40:36 ET
- Consolidated Communications ( NASDAQ: CNSL ) Monday said it had entered into a agreement to be acquired by affiliates of Searchlight Capital Partners and British Columbia Investment Management in an all-cash deal valued at about $3.1 billion, including debt.
- Searchlight currently is the beneficial owner of about 34% of Consolidated Communications' ( CNSL ) outstanding shares, as well as the holder of the company’s outstanding Series A perpetual preferred stock.
- Under the terms of the deal, Searchlight and BCI will acquire all of the consolidated common stock not already owned by Searchlight for $4.70 per share in cash.
- The purchase price represents a premium of about 70% to the closing price of the company’s common stock through April 12.
- The proposed transaction will result in Consolidated Communications becoming a private company and is expected to close by the first quarter of 2025.
- CNSL is +17.56% to $4.15
- Source: Press Release
For further details see:
Consolidated Communications to be acquired in $3.1B all-cash deal, shares jump