TDS acquires Continuum in North Carolina
TDS Broadband Service LLC, a subsidiary of Telephone and Data Systems, Inc., and operated by TDS Telecom (TDS®), announces it has successfully acquired all of the cable, broadband, and business assets of Continuum, headquartered in Mooresville, North Carolina, for a purchase price of $80 million. Continuum employees were offered positions and will continue to support customers locally as part of TDS.
“We welcome the employees of Continuum to the TDS family. They are now part of an exciting journey to expand and improve broadband availability in North Carolina,” says TDS Telecom President and CEO, Jim Butman. “TDS is a strong, community-minded company. We believe in investing for the long run and work to provide the absolute best in broadband, TV and phone services for our customers.”
TDS and the municipalities announced the purchase agreement in August 2019. Local voters overwhelmingly shared their support of the transaction by passing a required referendum in Mooresville and Davidson in November. All other regulatory requirements have been met.
Customers can expect to see the Continuum brand in use for many months ahead. “We are not in a hurry to change the name. We want to get to know the community and grow with the needs of the area,” adds Butman.
Continuum is a North Carolina-based broadband, video, and voice operator formerly owned by the municipalities of Mooresville and Davidson. Continuum offers high speed, fiber- and coax-based internet services in Mooresville, Davidson, Cornelius, and Huntersville, passing a total of 36,500 households and employing 70 individuals. RBC Capital Markets, LLC served as the exclusive M&A advisor to Continuum.