TDS to Buy BendBroadband for $261M
CHICAGO, Ill. -- Telephone and Data Systems, Inc. (TDS), parent company to TDS Telecom, today announced an agreement to acquire substantially all of the assets of a group of companies operating as BendBroadband, headquartered in Bend, Oregon, for a purchase price of $261 million. BendBroadband generated annual revenues of $70 million in 2013 and has approximately 280 employees. The transaction is expected to close in the third quarter of 2014 pending regulatory approvals and other conditions.
BendBroadband is a full-service communications company, offering an extensive range of broadband, fiber connectivity, cable television, and telephone services for commercial and residential customers in Central Oregon. The agreement also includes two affiliated companies operated by BendBroadband: BendBroadband Vault, a Tier III data center providing colocation and managed services, and Zolo Media, a cable advertising and broadcast business.
As of Dec. 31, 2013, BendBroadband passed approximately 79,000 homes and businesses, with approximately 36,000 video subscribers, 41,000 high-speed broadband subscribers and 22,000 digital voice subscribers. BendBroadband's entire network is equipped to deliver high-speed, high-capacity broadband and video services.
Telephone & Data Systems Inc. (Amex: TDS)