Consolidated Communications Holdings Agrees to Sell Wireless Investments; Shares Rise 16%

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By Stephen Nakrosis

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Shares of Consolidated Communications Holdings Inc. were trading higher after hours Monday, following news that a subsidiary will sell limited partnership interests in five wireless partnerships.

Consolidated Communications said its subsidiary, Clio Subsidiary LLC, agreed to sell the limited partnership interests in five wireless partnerships managed by Cellco Partnership, which does business as Verizon Wireless, to Cellco for an aggregate purchase price of $490 million.

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The deal is expected to close by the end of this year, Consolidated Communications said.

At 6:08 pm ET, the company’s shares were trading 16.16% higher at $7.69 per share. Volume at the time topped 63,000 shares. The stock finished the day’s regular session with a 0.30% gain, closing at $6.62 per share.

Bob Udell, the company’s president and chief executive, said, “the sale of these wireless investments is part of our long-term strategy as we continue our transformation to a fiber-first broadband company.” He added, “proceeds from these transactions will directly support our fiber expansion plan, our key strategic priority.”

Write to Stephen Nakrosis at [email protected]

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Credit: www.marketwatch.com /

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