MADISON, Wis. (Sept. 2, 2014)—TDS Telecom, a subsidiary of Telephone and Data Systems, Inc. [NYSE: TDS], announces the completion of the purchase of substantially all of the assets of BendBroadband, a cable and broadband company headquartered in Bend, Oregon, effective September 1, 2014, for a purchase price of $261 million.
In May, Telephone and Data Systems announced its intention to acquire BendBroadband in Central Oregon pending regulatory approvals, which have been received. TDS Telecom will manage the acquired BendBroadband businesses.
“BendBroadband is an exceptional company,” states Mark Barber, vice president of Cable Operations for TDS Telecom. “BendBroadband customers should continue to expect the same great products and services, along with the strong local traditions BendBroadband has established.”
Transition teams have been anticipating the announcement and working to prepare both organizations for a successful start. TDS Telecom is focused on supporting the nearly 300 BendBroadband employees who have now joined the company. “Working together to implement a successful integration within the TDS organization is a top priority,” adds Barber.
In 2013, BendBroadband reported annual revenues of $70 million. BendBroadband businesses, including The Vault™ and Zolo Media, offer an extensive range of broadband, fiber connectivity, cable television and telephone services for thousands of commercial and residential customers. OneNeck® IT Solutions, a TDS company, plans to integrate The Vault into its portfolio of data centers across the U.S.
“Our success will be fueled by a geographic region that is exploding with business growth and residential development. It’s the hot spot of Central Oregon,” said David A. Wittwer, president and CEO, TDS Telecom. “I believe the BendBroadband businesses have significant potential to deliver increased returns over time and the team of talented employees in Bend will help us expand our cable operations and expertise in other states as well.”