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Consolidated Communications Holdings to Go Private in $3.1 Billion All-Cash Deal


Consolidated Communications Holdings Inc. (CNSL, -1.12%) announced on Monday that it has entered into an agreement to be taken private by affiliates of Searchlight Capital Partners LP and British Columbia Investment Management Corp. This all-cash deal values the Mattoon, Ill.-based broadband company at a whopping $3.1 billion.

Under the terms of the agreement, the two private-equity firms will acquire the remaining 66% stake in Consolidated Communications that they do not already own for $4.70 per share. This purchase price represents a remarkable 70% premium to the company’s closing price on April 12, the day before Searchlight and BCI submitted their initial non-binding proposal to the board of directors.

The proposed transaction has received unanimous approval from a special committee of independent and disinterested directors of Consolidated Communications. The company expects the deal to be finalized in the first quarter of 2025.

As of Friday, the company’s stock closed at $3.53 per share. Although its performance in 2023 has seen a decline of 1.4%, it is important to note that the Nasdaq COMP, -1.23% has experienced a significant jump of 28.1% during the same time period.

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