Private equity firm Tower Three Partners LLC has completed its acquisition of regional provider NTS, which will become a privately held company and a Tower Three affiliate.
Under the terms of the agreement, Tower Three will acquire all outstanding shares of NTS common stock, other than specified shares held by Guy Nissenson, NTS' chairman, president and CEO, for $2.00 per share in cash.
"NTS has emerged as a clear leader in the rapidly expanding broadband communications industry," said Michael Nold, managing director of Tower Three, in a release. "With its high-speed, best-in-class network, NTS is poised for significant growth."
Private equity firms buying competitive providers has been a trend in recent years. Besides NTS, Fibertech was sold to Court Square for $500 million in 2010, for example.
NTS has become best known as an alternative fiber-to-the-home (FTTH) provider.
Since launching its PRIDE FTTP network in 2010, NTS has built out FTTH services in 17 markets in Texas, including Iowa Park and earlier in Slaton, Texas. It complemented its own ongoing buildout in September 2011 by purchasing 1,800 cable customers and equipment from regional operator Reach Broadband.
In addition to Texas, NTS is building its fiber network in Hammond and other communities in Louisiana.
- see the release
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