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Searchlight Capital to acquire 35% stake in Consolidated for USD425m

15 Sep 2020

Consolidated Communications has entered into an agreement with an affiliate of Searchlight Capital Partners, which will see the latter invest up to USD425 million in the company. The investment will be structured in two stages; at the closing of the first stage Searchlight will invest USD350 million in Consolidated. Upon receipt of FCC and Hart-Scott-Rodino approvals, and the satisfaction of certain other customary conditions, Searchlight will invest an additional USD75 million.

Upon completion of both stages, the common stock and contingent payment right (CPR) issued to Searchlight will represent approximately 35% of the company’s common stock on an as-converted basis. The first stage of the investment is not subject to any regulatory approvals and is expected to occur concurrently with the refinancing. The second stage of the investment is subject to certain regulatory approvals and other customary closing conditions. The parties expect to close the second stage of the investment in mid-2021.

TeleGeography notes that Searchlight Capital currently owns stakes in a number of telecoms companies, including the likes of LatAm/Caribbean group Liberty Latin America (LLA), Israeli fixed line telco Bezeq, Italian fixed-wireless player EOLO and US regional operator Ziply Fiber.

United States, Consolidated Communications (incl. Fidium Fiber), Searchlight Capital

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