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Zayo selling Minnesota local exchange carrier to New Ulm Telecom

Zayo Group Holdings Inc. signed an agreement to sell Scott-Rice Telephone Co., its incumbent local exchange carrier in Minnesota, to New Ulm Telecom Inc. for $42 million.

Scott-Rice Telephone was part of Zayo's March 2017 purchase of fiber solutions firm Electric Lightwave. Since the acquisition, Scott-Rice Telephone was managed separately but within Zayo's Allstream business segment, Zayo said in a press release.

Zayo expects to complete the transaction in the quarter ended in June, subject to regulatory approvals and customary closing conditions.