TMCnet News
M/C Partners and Columbia Capital to sell assets of Baja Broadband to Telephone and Data SystemsFeb 27, 2013 (Datamonitor Financial Deals Tracker via COMTEX) -- M/C Partners, a private equity firm, and Columbia Capital, a venture capital firm, have agreed to sell substantially all of the assets of Baja Broadband, LLC (BB) to Telephone and Data Systems, Inc. (TDS) for a consideration of $267.5 million. TDS is a provider of wireless, Internet, long-distance and television services. BB is a provider of residential and commercial video, Internet and voice services. All the entities involved in the transaction are based in the US. BB has approximately 285 employees and generated annual revenues of $82.4 million in 2012. The transaction is expected to close in the third quarter of 2013. RBC Capital Markets is acting as financial advisor and Edwards Wildman Palmer LLP is acting as legal advisor to BB for the transaction. Deal Value (US$ Million) 267.5 Deal Type Private Equity Sub-Category Exit Deal Status Announced: 2013-02-26 Deal Participants Target (Company) Baja Broadband, LLC - Assets Acquirer (Company) Telephone and Data Systems, Inc. Vendor (Company) Baja Broadband, LLC Deal Rationale According to TDS, Baja Broadband's network capabilities will enable it to deliver highly competitive data services, while reducing the need for future capital investment. It will also support TDS' TDS Telecommunications Corp.'s broadband and video growth strategy. |