Consolidated closes second stage of Searchlight Capital investment

8 Dec 2021

Consolidated Communications has announced that it has completed the second stage of the previously disclosed investment transaction with an affiliate of Searchlight Capital Partners. This aspect of the deal is worth USD75 million, and forms part of an aggregate USD425 million investment.

The initial investment of USD350 million occurred in October 2020 in conjunction with the company’s global refinancing. Effective upon the second closing, Searchlight received an additional 15.1 million shares of the company’s common stock, and now holds approximately 35% of the telco’s 114 million total shares of common stock outstanding. As part of the investment, Searchlight will gain two seats on Consolidated’s board.

Bob Udell, president and CEO of Consolidated Communications, commented: ‘We’re pleased to have closed on the second step of the Searchlight investment and have a fully funded growth plan to accelerate and enable fibre-to-the-home (FTTH) broadband services to more than 1.6 million passings by 2025 across the communities we serve.’

United States, Consolidated Communications, Searchlight Capital