Searchlight Capital in its $3.1 billion acquisition, together with BCI, of Consolidated Communications

On October 16, 2023, Consolidated Communications Holdings, Inc. (Nasdaq: CNSL) announced that it has entered into a definitive agreement to be acquired by affiliates of Searchlight Capital Partners, L.P. and British Columbia Investment Management Corporation in an all-cash transaction with an enterprise value of approximately $3.1 billion, including the assumption of debt.  Searchlight is currently the beneficial owner of approximately 34% of Consolidated’s outstanding shares of common stock, as well as the holder of 100% of Consolidated’s outstanding Series A perpetual preferred stock.  Under the terms of the Agreement, Searchlight and BCI will acquire all of the Consolidated common stock not already owned by Searchlight for $4.70 per share in cash.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Searchlight.