Uniti closes deal on Southern Light and Hunt acquisitions
Following on from the announcement made in April, Uniti have completed negotiations on takeover deals for Southern Light and Hunt Telecommunications.
Speaking on the deal Kenny Gunderman, president and chief executive officer of Uniti, said, “We are pleased to announce the closing of these transactions and welcome the Southern Light and Hunt employees to Uniti Group. Southern Light and Hunt will operate under the Uniti Fibre brand in our fibre infrastructure segment.”
Funded by their cash and borrowings under its revolving credit facility the company raised the $749.5 million cash portion of the purchase price, and issued 4.2 million operating partnership units.
The acquisition of the two companies are set to strengthen Uniti’s position as a competitive provider of fibre infrastructure solutions and boosting the unit’s revenue to $1.2 billion.
Now that the deal has been completed a new management structure has also been implemented. Uniti Fibre will be co-led by Southern Light's Andy Newton as president of infrastructure and operations, and Ron Mudry as president of sales and business development.
In addition, Hunt's executive team will continue to hold senior leadership positions.
Gunderman added:“Uniti Fiber will be led jointly with Andy Newton, formerly chief executive officer of Southern Light, serving as president infrastructure and operations, and Ron Mudry serving as president of sales and business development. The executive team of Hunt will continue to have senior leadership positions in Uniti Fiber, particularly focused on E-rate, military and enterprise products and services. This structure will provide continuity to ensure an efficient integration while leveraging national and local sales channels and the operational expertise of our entire Uniti Fiber team.”