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Consolidated Communications selling Virginia properties in $21M deal

Consolidated Communications Holdings Inc. agreed to sell its Virginia properties, Peoples Mutual Telephone Co. and Peoples Mutual Long Distance Co., to RiverStreet Management Services LLC.

The buyer, RiverStreet Management Services, does business as RiverStreet Networks, a subsidiary of Wilkes Communications.

The agreement is an all-cash transaction valued at about $21 million, subject to certain contractual adjustments. The closing is subject to customary regulatory approvals, expected to be completed in the first quarter of 2018.

The divestiture allows the company to continue to focus on its core regions and its integration of FairPoint Communications Inc., the company said Nov. 27. Consolidated Communications closed on its FairPoint acquisition in July.

Peoples operates as a local exchange carrier in Virginia to the communities of Gretna, Hurt, Renan and Sandy Level.

Charlesmead Advisors LLC served as exclusive financial adviser to Consolidated Communications on the transaction.