RiverStreet snaps up Virginia TDS and Citizens Telephone Cooperative’s cable properties
RiverStreet is purchasing Virginia area assets from TDS Telecom and Citizens Telephone Cooperative to expand its service reach to customers and communities in the Amelia and Craig County areas.
The service provider has acquired Amelia Telephone Corporation and New Castle Telephone Company from TDS Telecom.
Further, as part of this acquisition, RiverStreet acquired the New Castle market area from Citizens Cablevision, a subsidiary of Citizens Telephone Cooperative’s cable operations in New Castle, VA.
All about expansion
RiverStreet has never shied away from using M&A as a tool for expansion. The company serves customers in over 68 counties across five states, primarily in North Carolina and Virginia.
During its 65-year history, the service provider has continued to acquire other regional service providers. Over the past ten years, it has purchased 13 companies.
By acquiring Floyd, VA-based Citizens Telephone Cooperative, RiverStret expands its reach within Virginia, targeting new customers in Craig County.
Eric Cramer, President and CEO of RiverStreet, said, "This acquisition represents an exciting opportunity to strengthen our presence in the Amelia and Craig County markets."
Bolstering fiber connectivity
In addition to these acquisitions, RiverStreet is conducting a multi-phased initiative to bring gigabit-capable fiber broadband services to 14 additional counties in South Central Virginia.
The service provider currently passes 26,000 locations with fiber and is on track to pass an additional 48,000 locations in the next three years. In total, RiverStreet plans to pass 74,000 locations with fiber.
RiverStreet said that TDS and Citizens Cablevision will receive more information about the transition and timeframe in the coming weeks.
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Sean Buckley
Sean is responsible for establishing and executing the editorial strategies of Lightwave and Broadband Technology Report across their websites, email newsletters, events, and other information products.