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GTA, Fairpoint takeovers receive final regulatory approvals

29 Jun 2017

The US Federal Communications Commission (FCC) has confirmed that the Wireline Competition Bureau (WCB) has approved the transfer of Guam-based TeleGuam Holdings (trading as GTA) to US-based Forager Holdings, following a takeover deal struck in February this year. Forager is believed to be a holding company established by Utah-based Huntsman Family Investments, which agreed to buy GTA from funds serviced by Advantage Partners, a Japanese private equity firm, earlier this year. The process was delayed while the Department of Homeland Security completed its review of national security, law enforcement and public safety issues.

Meanwhile, on the US mainland, Consolidated Communications has announced that it has completed pre-close regulatory approval and notification processes in all 17 of FairPoint’s operating states and is on track to complete the USD1.5 billion all-stock Consolidated Communications-FairPoint Communications merger by 3 July. Illinois, Kansas, Maine, New Hampshire, New York and Vermont recently joined Colorado, Georgia, Ohio, Pennsylvania and Virginia by each granting approval of the pending merger with FairPoint. In addition, all pre-close notification processes have been completed in the six states of Alabama, Florida, Massachusetts, Missouri, Oklahoma and Washington. Shareholders of both companies overwhelmingly approved the merger on 28 March. After closing, Consolidated’s shareholders will own approximately 71.3% of the pro forma combined company and FairPoint’s shareholders will own the remaining 28.7%.

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