(LUBBOCK, TX) - NTS, one of the largest employers in Lubbock, will be sold to a private equity firm.
The company announced Monday morning that Tower Three Partners LLC will purchase nearly all shares of NTS for $2.00 per share. NTS will then become a privately-held company.
A written statement from NTS said, “The purchase price represents a premium of 27% over NTS’ closing share price on October 18, 2013 and a premium of 24% over NTS’ average closing share price for the 30 trading days ending on October 18, 2013.”
Guy Nissenson, Chairman, President and CEO of NTS said, “This is great news for the Company, our shareholders, and our customers.”
The deal is not yet final and NTS has the right to look for a better price for the next 30 days.
NTS said, “The transaction is subject to the approval of a majority of NTS’ shareholders, regulatory approvals, and other customary closing conditions.”
NTS described the deal as a “merger.” Nissenson said NTS will continue to operate under the same name and customers would notice no changes.
Nissenson said the deal with Tower Three would provide "additional backing" to expand NTS' operations which include digital video and a high-speed fiber network.
NTS employs 200 or more people in Lubbock.