Consolidated Communications has announced that its Clio Subsidiary unit has completed the sale of its limited partnership interests in five mobile partnerships to Cellco Partnership (Verizon Wireless), which fulfils the role of general partner in each interest. (Note: a portion of the interest in one of the partnerships was sold to a limited partner, pursuant to its right of first refusal.) The USD490 million in aggregate gross proceeds from the sale will be invested to support the telco’s fibre-to-the-premises (FTTP) broadband growth plan.
As previously reported by CommsUpdate, on 1 August 2022 Verizon agreed to 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.