Silver Points Buys CLEC
DALLAS -- Sage Telecom, Inc. ("Sage") today announced that it has signed a definitive agreement to be acquired by Silver Point Capital ("Silver Point"), a global private investment firm. The transaction, which is subject to regulatory approvals and other customary conditions, is expected to close during the second quarter of 2007. Financial terms were not disclosed.
Sage is one of the nation's largest competitive local exchange carriers (CLEC) focused on residential and small business customers in suburban and rural communities. The privately-held company serves customers across 12 states and is known for its cost-effective local, long distance and Internet services, simple and easy-to-understand calling plans and quality customer service.
In conjunction with the proposed transaction, the Sage Board of Directors and Silver Point have engaged CXO, L.L.C. ("CXO"), a Dallas-based management and advisory services firm, to oversee certain business operations in conjunction with Sage management during the regulatory approval and transition phase. Brian Kushner will lead CXO's activities at Sage, bringing to the company more than two decades of executive management and operations expertise as well as a depth of telecommunications experience. Chris Williams, Sage's President and Chief Financial Officer, will lead the company during the regulatory approval process.
"With the backing of a strong financial partner, Sage is ideally positioned to expand its offerings and take advantage of future growth opportunities," said Brian Kushner of Sage Telecom and CXO. "Sage remains committed to being a value and service leader, providing customers with more choices for affordable telecommunications services."
Sage Telecom Inc.