Consolidated shareholders approve private equity acquisition

Consolidated Communications is one step closer to taking its company private, as shareholders approved the proposed $3.1 billion acquisition by Searchlight Capital Partners and British Columbia Investment Management Corporation (BCI). Approximately 75% of Consolidated’s shareholders voted yes on the private equity deal, which is expected to close by the first quarter of 2025. Robert Currey, chairman of Consolidated’s board, said the transaction will provide “financial flexibility and access to capital” that will help the operator expand broadband across the rural US. Consolidated has said that without private equity backing it will be forced to slow the pace of its fiber build, from more than 300,000 annual passings to roughly 45,000-75,000 passings per year. The company also warned shareholders if the Searchlight/BCI acquisition isn’t approved, Consolidated expects to complete its fiber build by 2029 – three years after its original target.