Create Account
Log In
Dark
chart
exchange
Premium
Terminal
Screener
Stocks
Crypto
Forex
Trends
Depth
Close
Check out our Dark Pool Levels


Consolidated Communications Says Receives All State PUC Regulatory Approvals For Searchlight Capital Partners Investment


Benzinga | Jul 16, 2021 04:01PM EDT

Consolidated Communications Says Receives All State PUC Regulatory Approvals For Searchlight Capital Partners Investment

Consolidated Communications (NASDAQ:CNSL) (the "Company") announced today that it has received all required state Public Utilities Commission (PUC) regulatory approvals necessary for the conversion of the contingent payment right (the "CPR") issued by the Company to an affiliate of Searchlight Capital Partners, L.P. ("Searchlight") in connection with the previously announced investment by Searchlight in the Company (the "Investment"). By securing all required state PUC regulatory approvals, the CPR has now converted into an additional number of shares of the Company's common stock, which together with the shares issued to Searchlight at the completion of the first stage of the Investment on Oct. 2, 2020, constitutes approximately 24.5% of the Company's outstanding shares.

"Our fully funded, fiber expansion plan is off to a fast start," said Bob Udell, president and chief executive officer at Consolidated Communications. "We are pleased to have secured shareholder as well as the required state regulatory approvals and remain on track to close on the full Searchlight investment following FCC approval expected later this year. This partnership is about driving long-term value for all Consolidated shareholders. The transformation of our business is well underway and will bring significant benefits to consumers, commercial and carrier customers across our service areas."






Share
About
Pricing
Policies
Markets
API
Info
tz UTC-4
Connect with us
ChartExchange Email
ChartExchange on Discord
ChartExchange on X
ChartExchange on Reddit
ChartExchange on GitHub
ChartExchange on YouTube
© 2020 - 2025 ChartExchange LLC