Rural telecom provider Country Road Communications, a portfolio company of media specialist ABRY Partners, has sold three of its subsidiaries for more than $101 million.
Nasdaq-listed Otelco will acquire all of the outstanding capital stock of Pine Tree Holdings, Granby Holdings, and War Holdings in an all-cash transaction. Otelco said it intends to finance the transaction with additional senior debt and has obtained a commitment for financing from a group of lenders led by GE Commercial Finance’s media group.
The Alabama-based provider of wireline telephone services will acquire more than 23,000 rural voice and data access lines, 6,000 retail lines, and 82,000 wholesale competitive local exchange carrier connections in the deal.
Boston-based ABRY and Prudential Insurance Company of America invested $32 million in Country Road in 2002, with ABRY committing an additional $50 million for future investments, according to a report from The Deal.