TDS Telecom to transfer ownership of two Virginia companies to RiverStreet

TDS Telecom has entered into a stock purchase agreement with RiverStreet Management Services, LLC (“RiverStreet”), a subsidiary of Wilkes Telephone Membership Corporation (“Wilkes”) to transfer ownership of two Incumbent Local Exchange Companies (ILECs) in Virginia: Amelia Telephone Corporation (“Amelia”) and New Castle Telephone Company (“New Castle”). The agreement was signed Friday, May 31 and is expected to close within the third quarter of 2024, subject to customary regulatory approvals.

Wilkes was founded in 1951 and provides telecommunications and broadband services to rural and underserved communities across North Carolina and Virginia through its operating entities Wilkes Communications and RiverStreet Networks.

Eight local TDS Telecom Field Service associates will also transfer to RiverStreet as part of the agreement.

“With Wilkes’ strong reputation and commitment to customer service, we are confident our customers and associates are in good hands,” said TDS Telecom President and CEO Jim Butman. “We want to thank our dedicated associates and will work with them on a smooth transition to new ownership.”

“Building upon our successful history of integrating acquired companies into our network, we are eager to welcome Amelia and New Castle into the RiverStreet family. With each partnership we deepen our commitment to empowering communities through technology. Together, we look forward to leveraging our combined strengths to continue our fiber expansion into 16 additional counties in Virginia as we work together to foster connectivity on a broader scale,” said RiverStreet Networks President and CEO Eric Cramer.

Charlesmead Advisors, LLC served as exclusive financial advisor to Wilkes on the transaction.