Consolidated offloads mobile investments to Verizon for USD490m

2 Aug 2022

On 1 August 2022 Clio Subsidiary, a wholly-owned subsidiary of Consolidated Communications, entered into a ‘Partnership Interest Purchase Agreement’ with Cellco Partnership (Verizon Wireless) covering the sale of a number of regional mobile licensees. As per the agreement, Verizon will acquire the entirety of Clio Subsidiary’s limited partnership interests in the following five businesses:

· Pittsburgh SMSA Limited Partnership;

· GTE Mobilnet of Texas RSA #17 Limited Partnership;

· GTE Mobilnet of South Texas Limited Partnership;

· Pennsylvania RSA No. 6 (I) Limited Partnership; and

· Pennsylvania RSA No. 6 (II) Limited Partnership.

Verizon will pay Consolidated an aggregate purchase price of USD490 million in cash, subject to certain potential adjustments.

United States, Consolidated Communications, Verizon Wireless