TMCnet News
Lingo Announces Definitive Agreement to Acquire Impact TelecomATLANTA, July 12, 2018 /PRNewswire/ -- Lingo Communications LLC ("Lingo"), a leading nationwide network service provider dedicated to serving the SMB and consumer markets, announced today that it has entered into a definitive agreement to acquire 100 percent of the equity interests in Impact Acquisition LLC and TNCI Operating Company LLC (collectively, "Impact Telecom"), in an all-cash transaction. Highlights:
The combination will create one of the largest network service providers in North America, with approximately 270,000 SMB, carrier and consumer customers and three 100 percent Internet Protocol-based networks. The combined customer base demonstrates strong fundamentals, with monthly recurring revenue comprising approximately 90 percent of total revenue and a churn rate below the industry average. In addition, the combined company will enjoy significant opportunities for growth by cross-selling and up-selling its comprehensive suite of SMB, carrier and consumer services. "This acquisition is a major milestone in Lingo's strategy to become the leading North American network service provider to SMB, carrier and consumer customers. In addition, this transaction will provide a robust platform from which to pursue additional value-enhancing initiatives including strategic acqusitions," said Vincent M. Oddo, president and chief executive officer of Lingo. "Customers increasingly demand services that are value-oriented, innovative and supported in a highly personalized manner. The combined company will be uniquely positioned to provide these products and services and will be able to do so with greater scale and resources." "The combination of Impact and Lingo is extremely symbiotic and a very natural fit," said Chuck Griffin, CEO of Impact Telecom. "The commitment to network integrity has earned the trust of both national and international top carriers and will continue to serve as the core infrastructure for the cumulative company. We are highly committed to our distribution channels and this builds even greater width of products to help us serve the SMB and consumer markets." Jones Day and Cahill Gordon & Reindel served as legal advisors to Lingo, with Paul Hastings and Morgan Lewis serving as legal counsel to Impact. Stephens Inc. served as exclusive financial advisor to Lingo. Impact Telecom is a portfolio company of an affiliate of Garrison Investment Group. About Lingo About Impact Press Contact Related Images lingo-communications-logo.jpg impact-telecom-logo.png Related Links View original content with multimedia:http://www.prnewswire.com/news-releases/lingo-announces-definitive-agreement-to-acquire-impact-telecom-300679943.html SOURCE Lingo Communications LLC |