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Boston Omaha Corporation (NASDAQ: BOMN) has announced an agreement via its subsidiary FIF Utah LLC to acquire Utah Broadband, LLC, a family-owned broadband provider with over 10,000 customers in Utah. The total transaction is valued at $27 million, comprising $21.6 million in cash and a 20% ownership stake worth $5.4 million for CEO Steve McGhie. The acquisition is aimed at expanding fiber-to-the-home services and is expected to close within 30 days, contingent on regulatory approvals and customary conditions.
Boston Omaha Corporation (NASDAQ: BOMN) reported its Q3 2020 financial results, showing total revenues of $11.61 million, up from $10.82 million in Q3 2019. The company generated $1.14 million from its broadband services, a notable increase. However, net loss from operations narrowed to $720,623 compared to a loss of $3.79 million in the same quarter last year. Net income attributable to common stockholders rose to $3.46 million from $635,000. Cash flow from operations decreased to $3.49 million from $5.04 million in 2019, and book value per share declined to $14.10.
Boston Omaha Corporation (NASDAQ:BOMN) announced the successful IPO of Yellowstone Acquisition Company, raising $125 million through the sale of 12.5 million units at $10.00 each. The IPO launched on October 22, 2020, with each unit comprising one Class A common stock share and one-half of a warrant. Yellowstone aims to pursue a business combination outside Boston Omaha's current sectors: outdoor advertising, surety insurance, and broadband services. The IPO allows for larger acquisitions than Boston Omaha could achieve alone.