Consolidated Communications Completes Acquisition of Champaign Telephone Company (CTC)
July 01 2016 - 10:00AM
Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) announced
today it has completed the acquisition of Champaign Telephone
Company (CTC) and its sister company, Big Broadband Services, a
private business communications provider in the Champaign-Urbana,
Ill. area.
“We are pleased to finalize the CTC acquisition and look forward to
leveraging the combined strengths of both companies to serve the
greater Champaign-Urbana, Ill. area with expanded commercial
services,” said Bob Udell, president and chief executive officer of
Consolidated Communications. “This acquisition reinforces our
commercial growth strategy, which includes both organic and
acquisition growth.”
CTC serves approximately 1,500 business customers across the
greater Champaign, Ill. area. The acquisition adds 275 fiber
route miles and 310 lit buildings to Consolidated’s Illinois
network.
“We will continue to have a strong, local presence in the
greater Champaign-Urbana area and are very excited about the
benefits this business combination will provide CTC customers,”
added Udell.
About Consolidated Communications Consolidated
Communications (NASDAQ:CNSL) provides business and broadband
communications services across its 11-state service area to
carrier, commercial and consumer customers. For more than a
century, the Company has consistently provided innovative,
reliable, high-quality products and services. Consolidated
Communications offers a wide range of communications solutions
including: High-Speed Internet, Data, Digital TV, Phone, managed
and cloud services and wireless backhaul over an extensive fiber
optic network. Learn more about Consolidated Communications
at consolidated.com.
Safe Harbor The Securities and Exchange
Commission (“SEC”) encourages companies to disclose forward-looking
information so that investors can better understand a company’s
future prospects and make informed investment decisions.
Certain statements in this press release are forward-looking
statements and are made pursuant to the safe harbor provisions of
the Securities Litigation Reform Act of 1995. These
forward-looking statements reflect, among other things, our current
expectations, plans, strategies, and anticipated 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 economic and financial market
conditions generally and economic conditions in our service areas;
various risks to shareholders of not receiving dividends and risks
to our ability to pursue growth opportunities if we continue to pay
dividends according to the current dividend policy; various risks
to the price and volatility of our common stock; 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 cash to service
and repay the debt and to pay dividends on the common stock;
restrictions contained in our debt agreements that limit the
discretion of management in operating the business; regulatory
changes, including changes to subsidies, rapid development and
introduction of new technologies and intense competition in the
telecommunications industry; risks associated with our possible
pursuit of acquisitions; system failures; losses of large customers
or government contracts; risks associated with the rights-of-way
for the network; disruptions in the relationship with third party
vendors; losses of key management personnel and the inability to
attract and retain highly qualified management and personnel in the
future; changes in the extensive governmental legislation and
regulations governing telecommunications providers and the
provision of telecommunications services; telecommunications
carriers disputing and/or avoiding their obligations to pay network
access charges for use of our network; high costs of regulatory
compliance; the competitive impact of legislation and regulatory
changes in the telecommunications industry; and liability and
compliance costs regarding environmental regulations. A detailed
discussion of these and other risks and uncertainties that could
cause actual results and events to differ materially from such
forward-looking statements are discussed in more detail in our
filings with the Securities and Exchange Commission, including our
reports on Form 10-K and Form 10-Q. Many of these
circumstances are beyond our ability to control or predict.
Moreover, forward-looking statements necessarily involve
assumptions on our part. These forward-looking statements
generally are identified by the words “believe,” “expect,”
“anticipate,” “estimate,” “project,” “intend,” “plan,” “should,”
“may,” “will,” “would,” “will be,” “will continue” or similar
expressions. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements of Consolidated
Communications Holdings, Inc. and its subsidiaries to be different
from those expressed or implied in the forward-looking statements.
All forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by
the cautionary statements that appear throughout this press
release. Furthermore, forward-looking statements speak only
as of the date they are made. Except as required under the
federal securities laws or the rules and regulations of the
Securities and Exchange Commission, we disclaim any intention or
obligation to update or revise publicly any forward-looking
statements. You should not place undue reliance on
forward-looking statements.
Contacts:
Matt Smith, Investor Relations, 217-258-2959
Jennifer Spaude, Corporate Communications, 507-386-3765
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