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Grain Management to acquire majority stake in telecom provider Summit Broadband

Private equity firm Grain Management LLC struck a deal to acquire a majority interest in Summit Broadband Inc., a provider of fiber optic-based telecom services in central and southwest Florida, from Cable Bahamas Ltd.

The transaction, terms of which were not disclosed, is expected to be completed in the fourth quarter, subject to regulatory approvals and other customary closing conditions.

Grain Management, which is focused on investments in the global communications sector, is also acquiring a majority stake in Arkansas-based communications service provider Ritter Communications Inc.