MANKATO, Minn., Nov. 14 -- HickoryTech Corp. announced it is acquiring regional provider Enventis Telecom for $35.5 million in cash in a move the company says will give it an additional 1500 miles of fiber-optic networking and broaden its market base in the Upper Midwest. The deal is expected to close by the end of the year, pending regulatory approval.
Minnesota-based Enventis is a subsidiary of Allete Inc., an energy services provider in the upper Midwest. It has offices in Plymouth, Duluth and Rochester, Minn. and Sioux Falls, S.D., and employs approximately 75. It had revenues of $43 million in 2004. HickoryTech's purchase includes 1500 route miles of fiber network, consisting of four regional, nine metro and 32 community-access fiber rings throughout Minnesota and into Wisconsin, and more than 300 business customers in Minnesota, North Dakota, South Dakota, Iowa and Wisconsin.
In a written statement, HickoryTech said will continue to operate Enventis as a separate entity while working toward longterm integration. HickoryTech officials said current expectations are that all Enventis Telecom employees, including Eventis Cofounder and President Rich Henderson, will continue with the business after the acquisition.
For more information, visit: www.hickorytech.com