Rapid Conclusion to Citizens Deal

Citizens Communications Co. has completed the sale of systems with about 1,340 subscribers in Southern California to Rapid Communications for an undisclosed sum.

New York cable investment banker Waller Capital Corp. initiated the transaction and served as financial adviser to Citizens.

This is the second deal this month for Rapid, which earlier closed an agreement to purchase 2,550 customers in the Wisconsin suburbs of St. Paul, Minn., from Frontier Cable of Wisconsin.

Rapid provides cable-television and advanced services to customers in small and midsized markets in Indiana, Virginia, Wisconsin, California and Nevada, and its owners include private-equity firms Alta Communications, Columbia Capital and Housatonic Partners.