Privately-held Schurz Communications said it has purchased Ohio-based New Knoxville Telephone Co. (NK Telco), a fiber provider that operates in the west central portion of that state.
Terms of the deal were not disclosed. The transaction is expected to close in the fourth quarter.
“Schurz remains dedicated to connecting communities through access to information and empowering engagement, and we are proud to bring NK Telco into our portfolio,” Schurz CEO Todd Schurz said in a press release. “We have deep experience with broadband businesses and look forward to supporting NK Telco’s growth and expansion in Ohio. The company aligns with our ongoing mission of uniting people through communications services.”
NKTelco has been in business since 1905 and offers data, voice and video services to residential and business customers in communities located throughout West Central Ohio, including New Knoxville, New Bremen, Minster, Fort Loramie, Botkins, Anna, Maria Stein, Chickasaw, Osgood, Russia, Jackson Center, Sidney, Piqua and Versailles. Its current management team will continue to lead the business under the NKTelco brand.
“Schurz has a long history of supporting broadband companies and we are fortunate to be part of its family of businesses,” NK Telco general manager Preston Meyer, said in a press release. “With this support, NK Telco will be able to accelerate plans of expanding its regional fiber network. In addition, we plan to announce Gigabit speeds and more cloud based offerings while continuing to deliver our superior customer service. We appreciate the expanded opportunities that being part of the Schurz family brings for our employees. Ultimately our partnership supports our investment in our local communities and increases our ability to pursue growth and expansion opportunities.”
Also as part of the transaction, Schurz will become owners of NK Telco’s 4.5% investment in Com Net, an Ohio-based communications company, which will enable greater connectivity throughout the state.
Stifel served as financial advisor and FGKS Law served as legal advisor to NK Telco. Barnes & Thornburg served as legal advisor to Schurz.
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Mike Farrell is senior content producer, finance for Multichannel News/B+C, covering finance, operations and M&A at cable operators and networks across the industry. He joined Multichannel News in September 1998 and has written about major deals and top players in the business ever since. He also writes the On The Money blog, offering deeper dives into a wide variety of topics including, retransmission consent, regional sports networks,and streaming video. In 2015 he won the Jesse H. Neal Award for Best Profile, an in-depth look at the Syfy Network’s Sharknado franchise and its impact on the industry.
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