Consolidated Communications Provides Updates to SureWest Acquisition Closing
May 30 2012 - 7:00AM
Consolidated Communications Holdings, Inc. (Nasdaq:CNSL)
("Consolidated") is pleased to announce it has received notice from
the California Public Utilities Commission that the proposed
decision in approving the SureWest Communications (Nasdaq:SURW)
("SureWest") acquisition is set for the Commission's June 7th
meeting. Consolidated expects the Commission will approve the
transaction as recommended.
Shareholder votes and tabulations are set for both Consolidated
and SureWest on June 12th.
Assuming the aforementioned approvals occur as outlined and all
remaining administrative items are completed on time, the
transaction is expected to close in early July.
"We continue to be excited about the opportunities the combined
businesses will bring to our customers and shareholders," said Bob
Currey, President and Chief Executive Officer. "The acquisition
strengthens our competitive position, diversifies our revenue,
improves the balance sheet and is accretive to cash flows."
"Our integration efforts are going smoothly and we continue to
expect to achieve $30 million to $35 million in annualized
operating and capital expense synergies by the end of the second
year after close. Finally, our Board of Directors remains committed
to our dividend and has approved the next quarterly payment of
$0.38738, which is payable on August 1, 2012 for shareholders of
record on July 13, 2012," Currey concluded.
CONTACT: Matt Smith
Treasurer & Investor Relations
217-258-2959
Matthew.smith@consolidated.com
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