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August 03, 2009

HickoryTech pays $7M for telecom

Sounds like the rapidly growing communications player HickoryTech on Mankato just had another burst of growth spurt this morning.

It announced it is  paying $7 million, plus "routine working capital adjustments" (whatever that adds up to) for CP Telecom, a Twin Cities-based telecom company that focuses on facilities.

Here's a little from the press release that rolled into my e-mail in-box this morning:

“We are excited to complete the CP Telecom acquisition and grow our small to medium sized business (SMB) customer segment,” said John Finke, HickoryTech president and chief executive officer. “CP Telecom customers will continue to experience high quality services and support. We look forward to integrating the experienced CP Telecom team into our operations as we continue to expand our focus on the SMB customer segment.”

CP Telecom provides voice, data and Internet services in the Minneapolis and Duluth, Minn. areas. CP Telecom’s assets include: long-term rights to a fiber network encompassing Minneapolis and St. Paul, IP, mid-band Ethernet and voice soft switching technologies.

HickoryTech’s subsidiary, Enventis, operates in the Minneapolis, St. Paul and Duluth markets today. The Company plans to utilize the Enventis brand for its business services in these markets and will phase out the CP Telecom name in the future.


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Is this a publicly traded company?

It trades under the symbol HTCO on the
NASDAQ exchange.

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