Consolidated sells its Verizon investments for $490M

MATTOON, Ill. – Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) announced today that Clio Subsidiary, LLC, a subsidiary of the Company, has entered into an agreement to sell its limited partnership interests in five wireless partnerships managed by Cellco Partnership, d/b/a Verizon Wireless, to Cellco for an aggregate purchase price of $490 million. The net proceeds of the sales will be invested in the business and used to support the Company's Fiber to the Premises (FttP) build plan. The sales are expected to close by the end of 2022, subject to certain closing conditions and third-party purchase rights available to other partners in the partnerships.

"The sale of these wireless investments is part of our long-term strategy as we continue our transformation to a fiber-first broadband company," commented Bob Udell, President and Chief Executive Officer of Consolidated Communications. "Proceeds from these transactions will directly support our fiber expansion plan, our key strategic priority," commented Bob Udell, President and Chief Executive Officer of Consolidated Communications.

The Company will now release its second quarter earnings on Tues., Aug. 2, 2022.

Read the full press release here

Consolidated Communications