Searchlight, British Columbia Investment to Acquire Consolidated Communications

Searchlight Capital Partners and British Columbia Investment Management will acquire Consolidated Communications in an all-cash transaction, Consolidated said Monday. The roughly $3.1 billion deal is expected to close by the first quarter of 2025, subject to regulatory approvals. "We believe this transaction provides substantial value for our shareholders while also enhancing our flexibility to continue the execution of our fiber expansion strategy,” said Consolidated CEO Bob Udell. “We have been operating in a shifting economic environment over the course of this past year, resulting in higher operating costs and a challenging market for attractive financing options," Udell said: "While we are pleased with how we have managed the business despite these headwinds, several factors recently necessitated that we delay our estimated fiber build completion beyond 2026."