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Vast Broadband to acquire NTS Communications

Vast Broadband entered into a definitive agreement to acquire broadband fiber company NTS Communications Inc. from private equity firm Tower Three Partners LLC.

Under terms of the agreement, Vast Broadband's senior management team, including CEO Jim Gleason, CFO Keith Davidson and COO Larry Eby will join forces with NTS management, according to a Jan. 9 news release.

Oak Hill Capital Management LLC and Pamlico Capital Management LP will lead a recapitalization of Vast Broadband to support its accelerated growth plans

The transaction, financial details of which were not disclosed, is expected to close following regulatory and customary closing conditions.

The Bank Street Group LLC served as financial adviser for NTS on the transaction. SunTrust Robinson Humphrey Inc. and TD Securities (USA) committed to provide debt financing in the transaction.

Vast Broadband is a broadband/cable company for customers in South Dakota and southwestern Minnesota, while NTS is a provider of fiber-based communications services for customers across Texas and Louisiana.