News

FairPoint Closes on Sale of its Idaho Operations to Blackfoot Telecommunications Group

January 31, 2013 /

MATR Sponsor (view all)

"For small to medium to national organizations, for events and fundraisers of any size, in any format – live, virtual or hybrid – the platform is built for scale."

FairPoint Communications, Inc. (NasdaqCM: FRP) announced today that it has completed the sale of the capital stock of its Idaho-based operations to Blackfoot Telecommunications Group of Missoula, Montana for approximately $30 million in gross cash proceeds.

FairPoint’s Idaho properties served more than 5,000 residential and business customers in eastern Idaho. On an annual basis, the properties contributed approximately $8 million in revenue and approximately $5 million in EBITDA, with capital expenditures of approximately $1 million.

Blackfoot Telecommunications Group traces its origins to the founding of the Blackfoot Telephone Cooperative in 1954 and through its various organizations delivers telecommunications services to more than 20,000 customers in western Montana and Idaho.

As a result of the sale, 11 FairPoint employees based in Idaho will be joining the Blackfoot organization.

Full Story: http://www.prnewswire.com/news-releases/fairpoint-closes-on-sale-of-its-idaho-operations-to-blackfoot-telecommunications-group-189257151.html