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Consolidated Communications to sell Heartland Telecommunications

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Consolidated Communications to sell Heartland Telecommunications

ConsolidatedCommunications Holdings Inc. struck a deal to sell its HeartlandTelecommunications Co. of Iowa to Mutual Telephone Co. of Sioux Center, Iowa,and Winnebago Cooperative Telecom Association.

Under the agreement, Mutual Telephone Co., known as PremierCommunications, will acquire the Iowa exchanges of Akron, Boyden, Doon,Hawarden, Hull, Ireton, Rock Rapids, Rock Valley and Sibley. Winnebago will buythe Iowa exchanges of Bancroft and Lakota.

The all-cash transaction is valued at about $22.5 million,subject to certain contractual adjustments. Consolidated Communications saidthe sale will allow the company to better focus on its core regions. The dealis expected to close in the second half of this year, subject to customaryregulatory approvals.

Charlesmead Advisors LLC served as exclusive adviser toMutual Telephone and Winnebago on the deal.