FairPoint Finalizes Sale of its Idaho Operations to Blackfoot Telecommunications Group
Feb 06, 2013 (Close-Up Media via COMTEX) --
FairPoint Communications, Inc. announced that it has completed the sale of the capital stock of its Idaho-based operations to Blackfoot Telecommunications Group of Missoula, Montana for approximately $30 million in gross cash proceeds.
FairPoint's Idaho properties served more than 5,000 residential and business customers in eastern Idaho. On an annual basis, the properties contributed approximately $8 million in revenue and approximately $5 million in EBITDA, with capital expenditures of approximately $1 million.
Blackfoot Telecommunications Group traces its origins to the founding of the Blackfoot Telephone Cooperative in 1954 and through its various organizations delivers telecommunications services to more than 20,000 customers in western Montana and Idaho.
As a result of the sale, 11 FairPoint employees based in Idaho will be joining the Blackfoot organization.
FairPoint Communications is a communications provider of broadband Internet access, local and long-distance phone, television and other high-capacity data services to customers in communities across 17 states.
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