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    Consolidated to buy SureWest for about $340.9M

    By The Associated Press | Associated Press – Mon, Feb 6, 2012

    Consolidated Communications Holdings Inc. said Monday that it would buy fellow telecommunications provider SureWest Communications for about $340.9 million to improve its scale in selling digital TV and broadband services.

    News of the deal sent shares of Roseville, Calif.-based SureWest up $6.51, or 42 percent, to $22.10 in premarket trading. Consolidated Communications shares were unchanged before the market opened. They closed at $19.25 on Friday.

    Consolidated provides communications services including voice, data and video to residential and business customers in Illinois, Pennsylvania and Texas. SureWest serves 130,000 residential subscribers and 15,700 commercial businesses in Kansas, Missouri and Northern California.

    The combined company would operate in six states, and would have posted combined revenue of about $620 million for the fiscal year that ended Sept. 30. It would have about 1,775 employees.

    Matoon, Ill.-based Consolidated said it expects the addition of SureWest to boost its free cash flow in the first full year following closing, excluding integration costs. It expects annual cost savings of $25 million.

    Consolidated also expects acquisition and integration costs of $20 million to $25 million over the first two years following the closing of the deal

    Under the terms of the cash-and-stock deal, Consolidated will pay $23 for each SureWest share, or an equal amount of Consolidated common stock. The per-share price represents a 48 percent premium to SureWest's Friday closing stock price.

     

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