Consolidated Communications to Acquire Illinois-based Champaign Telephone Company

MATTOON, Ill., April 18, 2016 (GLOBE NEWSWIRE) -- Consolidated Communications Holdings, Inc. (NASDAQ:CNSL) announced today it has entered into a definitive agreement to acquire Champaign Telephone Company (CTC) and its sister company, Big Broadband Services, a private business communications provider in the Champaign-Urbana, Ill. area.  “We are excited to welcome CTC customers to the Consolidated Communications family and look forward to building upon the strong business Mike and his team have built in the greater Champaign-Urbana, Ill. area,” said Bob Udell, president and chief executive officer of Consolidated Communications.  “This acquisition would add 275 fiber route miles and 310 lit buildings to our existing fiber network which extends to Champaign, Ill., a community located just 50 miles north from our Mattoon, Ill. headquarters.  It’s a great fit with our focus on expanding our fiber network and commercial services.” “CTC joining Consolidated Communications will create a highly competitive company with increased resources, expertise and an expanded portfolio of commercial services that will benefit CTC customers,” said Mike Hosier, owner of CTC.  “I believe this agreement will take CTC customers to the next level and provide important benefits to the community as well.” CTC began in 1984 as a small PBX provider and has grown into a regional leader in Internet, Voice, Metro Ethernet, and Hosted VoIP provider.  CTC serves approximately 1,500 business customers over 310 fiber-lit buildings.  CTC recorded fiscal 2015 revenue of approximately $10 million, the majority of which is recurring service revenue.  The agreement provides for an all cash transaction valued at $13.0 million.  The closing is subject to standard closing conditions, including regulatory approvals, and is expected to close in the second or third quarter of 2016.  About Consolidated CommunicationsConsolidated Communications Holdings, Inc. is a leading broadband and business communications provider throughout its 11-state service area.  The Company leverages its advanced fiber optic network and multiple data centers to offer a wide range of communications solutions, including data, voice, video, managed services, cloud computing and wireless backhaul.  Headquartered in Mattoon, IL, the Company has been providing services in many of its markets for more than a century. Safe Harbor  The Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions.  Certain statements in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995.  These forward-looking statements reflect, among other things, our current expectations, plans, strategies, and anticipated financial results.  There are a number of risks, uncertainties, and conditions that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements.  These risks and uncertainties include a number of factors related to our business, including economic and financial market conditions generally and economic conditions in our service areas; various risks to shareholders of not receiving dividends and risks to our ability to pursue growth opportunities if we continue to pay dividends according to the current dividend policy; various risks to the price and volatility of our common stock; changes in the valuation of pension plan assets; the substantial amount of debt and our ability to repay or refinance it or incur additional debt in the future; our need for a significant amount of cash to service and repay the debt and to pay dividends on the common stock; restrictions contained in our debt agreements that limit the discretion of management in operating the business; regulatory