Consolidated Communications Announces Sale of Wireless Investments to Verizon

Consolidated Communications announced that Clio Subsidiary has entered into an agreement to sell its limited partnership interests in five wireless partnerships managed by Cellco Partnership, doing business as Verizon Wireless, to Cellco for an aggregate purchase price of $490 million. The net proceeds of the sales will be invested in the business and used to support Consolidated’s Fiber to the Premises build plan. The sales are expected to close by the end of 2022, subject to certain closing conditions and third-party purchase rights available to other partners in the partnerships. “The sale of these wireless investments is part of our long-term strategy as we continue our transformation to a fiber-first broadband company,” said President and Chief Executive Officer of Consolidated Communications Bob Udell. “Proceeds from these transactions will directly support our fiber expansion plan, our key strategic priority,” he added.