Consolidated Communications Holdings, Inc. CNSL shares are trading higher after the company announced an agreement to be acquired by Searchlight Capital Partners and British Columbia Investment Management.
What To Know: The acquisition will be an all-cash transaction with an enterprise value of approximately $3.1 billion, including the assumption of debt.
Searchlight and BCI will acquire all of the Consolidated common stock not already owned by Searchlight for $4.70 per share in cash, under the terms of the agreement. Furthermore, it will result in Consolidated Communications becoming a private company and thus shares of the company's common stock will no longer be traded or listed on any public securities exchange.
The transaction is is expected to close by the first quarter of 2025.
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CNSL Price Action: Shares of CNSL were up 16.0% at $4.10 at the time of publication, according to Benzinga Pro.
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