Target: Millington Telephone Company, Inc. and Millington CATV, Inc. (collectively “Millington”)
Buyer: Ritter Communications Holdings, Inc. (“Ritter Communications”)
Price: Not disclosed
Assets: Founded in 1928, Millington is a full service communications company offering voice, data, video, and other services for residential and business customers. The company serves portions of four counties in west Tennessee, including Tipton County, which is one of the fastest growing areas in the state. Millington serves approximately 20,000 customers.
Valuation: Not disclosed
Expected Close: December 2012
Comments: Ritter serves 25,000 residential and business customers in more than 45 communities in Arkansas with high-speed Internet, phone services and cable TV.
The Millington transaction follows other recent acquisitions and expansions by Ritter. In 2005, Ritter acquired regional cable TV properties adjoining and overlapping its northeast Arkansas service area from Cebridge. Ritter purchased CableTel in nearby Blytheville, Arkansas in 2008, and acquired the retail division of Optus, Inc. in Jonesboro in 2010.
Charlesmead Advisors, LLC served as exclusive financial advisor to Ritter Communications in this transaction.