Palm Beach, FL 2/6/12 (StreetBeat) -- The Sacramento region is losing another publicly traded company. SureWest Communications is being acquired by Illinois company Consolidated Communications.SureWest (NASDAQ: SURW) announced the acquisition Monday. Consolidated Communications (NASDAQ: CNSL) will acquire outstanding shares of the Roseville-based company in a cash and stock transaction valued at $23 a share. That works out to about $340.9 million.
SureWest said shareholders may exchange shares of common stock for either Consolidated Communications shares or for $23 a share.
“From a customer perspective, the transaction creates scale by combining our proven capabilities in delivering leading-edge digital TV and broadband services as a stronger, more competitive communications company,” Steve Oldham, SureWest president and chief executive officer, said in a statement. “We believe the transaction is in the best interest of our company, our customers, our communities and our shareholders.”
SureWest has approximately 130,000 residential subscribers and 15,700 commercial customers in the Sacramento and Kansas City regions. Consolidated serves customers in Illinois, Pennsylvania and Texas.
The acquisition is expected to close in the third quarter.
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