As part of the transaction, NTS will become a privately held company and an affiliate of Tower Three will acquire all outstanding shares of NTS common stock, other than specified shares held by Guy Nissenson, NTS' Chairman, President and CEO, for $2.00 per share in cash.
"The closing of this transaction marks an exciting new chapter for NTS," said Guy Nissenson, Chairman, President and CEO of NTS.
"We could not imagine a better partner than Tower Three to help evolve and expand the Company to best serve our customers and further NTS' strong growth trajectory into new markets. I want to take this opportunity to thank our employees, who have been steadfast in their commitment to the Company. With their hard work and commitment, NTS has built a world-class, fiber-based communications network with unrivaled speed. Reliably delivering light-speed connectivity, fiber-based networks are revolutionizing the convergence of voice, data and video services and we are proud to be leading the charge in our regions."
"We are excited to announce the completion of this transaction," said Michael Nold, Managing Director of Tower Three. "NTS has emerged as a clear leader in the rapidly expanding broadband communications industry. With its high-speed, best-in-class network, NTS is poised for significant growth. We look forward to partnering with NTS' employees and the management team to expand the company's capabilities and continue to provide excellent customer service."
Daniel Bellissimo, Managing Director of Tower Three added, "We are fully committed to helping NTS drive growth throughout the region and will focus on continuing to provide the fastest and most dependable Fiber-To-The-User communications to all of NTS' valued business and residential customers. Having emerged as a regional leader, NTS will continue to enhance its robust network and provide an expanded set of high-value services to its customers."
About NTS, Inc.
Headquartered in Lubbock, Texas, NTS is a provider of high speed broadband services, including internet access, digital TV and other services to residential and business customers in northern Texas and southeastern Louisiana. NTS' Fiber-To-The-Premise (FTTP) network provides one of the fastest internet connections available. The Company currently has operations in Texas, Mississippi and Louisiana and also serves customers in Arizona, Colorado, Kansas, New Mexico and Oklahoma. For the Company's website, please visit: www.ntscom.com.
About Tower Three Partners
Tower Three Partners is a leading operationally-oriented private equity firm that invests in a concentrated portfolio of U.S.-based middle market companies. With long-term committed capital from major institutional investors and a senior management team that collectively has decades of experience, the firm targets equity investments of $50M to $150M that provide a catalyst for growth.
Alongside management, Tower Three Partners prioritizes and implements changes in operations, strategy, growth and/or capital structure to significantly improve business performance. Our professionals are experienced in operational improvement, mergers & acquisitions and financial restructurings.
(Press release from NTS)
Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.