HickoryTech Corp. on Tuesday announced an agreement to purchase IdeaOne Telecom Group, a metro fiber network provider based in Fargo, N.D.
The all-cash deal is worth $28 million subject to routing adjustments for capital expenditures and working capital, Mankato, Minn.-based HickoryTech noted.
HickoryTech said the acquisition gives it another roughly 1,900 business customers and 1,700 residential customers. IdeaOne brought home fiscal 2010 revenues of $11.1 million, with most of the sales deriving from businesses.
HickoryTech anticipates the acquisition will close in the first quarter of 2012 following certain conditions, including state and federal regulatory clearance.
