Palisade Infrastructure Announces Transaction with Consolidated Communications

Rhea-AI Summary

Palisade Infrastructure has entered into an agreement to acquire Consolidated Communications' assets in Washington State. The transaction includes incumbent networks in Ellensburg and Yelm, with plans to accelerate the build-out of the fiber network in these markets. This is Palisade's second broadband investment in Washington State. The company aims to develop a regional platform for fiber and high-speed broadband connectivity.

Transaction will expand Palisade Infrastructure’s fiber investments in Washington State

NEW YORK--(BUSINESS WIRE)-- Palisade Infrastructure (“Palisade”) and Consolidated Communications, Inc. (“Consolidated”) have entered into an agreement whereby Palisade, on behalf of its managed funds, will acquire Consolidated’s assets in Washington state.

The transaction includes Consolidated’s incumbent networks in Ellensburg and Yelm comprising a mixture of fiber-to-the-home and DSL technologies. Palisade intends to accelerate the build out of the fiber network in these markets, providing high speed, low latency connectivity to households and businesses.

This is Palisade’s second broadband investment in Washington State following the announcement of the transaction to acquire Rainier Connect in December 2022. Palisade aims to develop a regional platform for fiber and high-speed broadband connectivity by investing in these markets to benefit all stakeholders including employees, customers and communities.

Mike Reynolds, managing director at Palisade Infrastructure said, “We are excited to expand our fiber broadband platform in Washington State, in attractive markets that are in proximity to the Rainier Connect network. We look forward to continuing to grow the platform in the future.”

This represents Palisade’s fourth transaction in North America and follows the closing of its investment in the PureSky Energy community solar platform in June 2023. Palisade is planning to launch a new fund focused on investing in digital connectivity and the energy transition later this year.

Houlihan Lokey served as exclusive financial advisor and Morgan, Lewis & Bockius LLP served as legal counsel to Palisade. Lazard served as the exclusive financial advisor to Consolidated Communications on the transaction.

The transaction remains subject to federal, state and local regulatory approvals and customary closing conditions.

About Palisade Infrastructure
Palisade Infrastructure forms part of the Palisade Group, a global independent, specialist infrastructure and real assets manager. Palisade Group has 30 active investments in its portfolio covering a broad range of sectors. Palisade Infrastructure’s North American capability focuses on the energy transition, digitization and transport infrastructure sectors. Palisade Infrastructure has a partnership-focused approach with a long-term investment horizon. For more information visit palisadegroup.com.

About Consolidated Communications
Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) is dedicated to moving people, businesses and communities forward by delivering the most reliable fiber communications solutions. Consumers, businesses and wireless and wireline carriers depend on Consolidated for a wide range of high-speed internet, data, phone, security, cloud and wholesale carrier solutions. With a network spanning more than 57,500 fiber route miles, Consolidated is a top 10 U.S. fiber provider, turning technology into solutions that are backed by exceptional customer support. Learn more at consolidated.com.

Disclaimer

The information contained in this communication is provided for general information purposes only. It has been prepared without taking account of any person’s objectives, financial situation or needs. The information is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment.

This communication has been prepared by Palisade Investment Partners Limited ABN 32 124 326 361, a Corporate Authorised Representative (No. 312944) of Pinnacle Investment Management Limited, an Australian Financial Services Licensee (No. 322140).

While every effort has been made to verify the information in this communication, Palisade Investment Partners Limited does not warrant the accuracy, reliability or completeness of the information and persons relying on this information do so at their own risk. To the extent permitted by law, Palisade Investment Partners Limited disclaims all liability to any person relying on the information in respect of any loss or damage (including consequential loss or damage) however caused, which may be suffered or arise directly or indirectly in respect of such information contained in this communication.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230802363868/en/

Jeremy Milner

BackBay Communications

jeremy.milner@backbaycommunications.com

(401) 862-9422

Source: Palisade Infrastructure

FAQ

What is the agreement between Palisade Infrastructure and Consolidated Communications?

Palisade Infrastructure will acquire Consolidated Communications' assets in Washington State.

What does the transaction include?

The transaction includes Consolidated's incumbent networks in Ellensburg and Yelm, comprising a mixture of fiber-to-the-home and DSL technologies.

What are Palisade's plans for the acquired assets?

Palisade intends to accelerate the build-out of the fiber network in Ellensburg and Yelm, providing high-speed, low latency connectivity to households and businesses.

Is this Palisade's first broadband investment in Washington State?

No, this is Palisade's second broadband investment in Washington State. The company previously announced the transaction to acquire Rainier Connect in December 2022.

What is Palisade's objective with these investments?

Palisade aims to develop a regional platform for fiber and high-speed broadband connectivity by investing in these markets to benefit all stakeholders including employees, customers, and communities.