Vermont Approves $3.1 Billion Sale of Consolidated Communications

WASHINGTON, Nov. 26, 2024 – The state of Vermont has approved the sale of Consolidated Communications to a private equity buyers, beating federal regulators.

The $3.1 billion sale, approved by the Vermont Public Utilities Commission on Nov. 14, would see Searchlight Capital Partners and British Columbia Investment Management Corporation take ownership of Consolidated Communications and about 250,000 fiber Internet subscriptions currently served by the company.

Searchlight, based in New York, N.Y., is an international private equity investment company with more than $12 billion in assets.

“We are pleased with the outcome and look forward to proceeding with fiber expansion in Vermont, which will bring 50,000 new fiber passings in 2025," Mike Shultz, senior vice president for regulatory and public policy for Consolidated Communications, said. "With Vermont’s approval, Consolidated has received approval from all states in which we operate.”

Vermont’s approval of the transaction was first reported on Nov. 18 by Vermont Public.

Consolidated Communications, headquartered in Mattoon, Ill., serves 22 states, including Maine and New Hampshire in New England.

The Federal Communications Commission has yet to approve the sale. Shultz, however, expects the FCC to approve the transaction late in the fourth quarter of 2024 or early in the first quarter of 2025.

VPUC imposed conditions on its approval of the sale, noting that Searchlight will have to file semi-annual reports on staffing levels in Vermont along with reports on how the company plans to maintain Vermont’s copper network.