TDS Broadband Service has completed the buyout of Continuum, a broadband, video and voice service provider in North Carolina. TDS paid $80 million for Continuum, which serves 36,500 households and employs 70 people. RBC Capital Markets advised the seller on the deal.
Buyout details surfaced in August 2019. Local voters approved the deal in November 2019, and the acquisition is now finalized.
Continuum employees have been offered positions at TDS, and the seller's brand will remain in place for the near term.
TDS Broadband Service is a subsidiary of Telephone and Data Systems Inc., and operated by TDS Telecom.
In a prepared statement about the deal, TDS Telecom President and CEO Jim Butman said:
“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. 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.
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."
Continuum North Carolina is not to be confused with the MSP-centric software and services company named Continuum that ConnectWise acquired in October 2019.
IT Service Providers: Mergers, Acquisitions List
Note: This is M&A deal number one that ChannelE2E has covered in 2020. Track all IT service provider M&A deals here.