Schurz Communications, Inc. announced on Aug. 4 that it has entered into a definitive agreement to acquire Ohio-based fiber provider, The New Knoxville Telephone Company (NKTelco).
Schurz is a privately held communications company formed in 1872 that owns several other regional broadband operations and has a variety of cloud, digital, and advertising holdings comprising its communications portfolio. NKTelco is the sixth broadband business to join the Schurz portfolio.
“Schurz remains dedicated to connecting communities through access to information and empowering engagement, and we are proud to bring NKTelco into our portfolio,” said Todd Schurz, president and CEO at Schurz. “We have deep experience with broadband businesses and look forward to supporting NKTelco’s growth and expansion in Ohio. The company aligns with our ongoing mission of uniting people through communications services.”
NKTelco is a locally-owned and operated fiber provider that has been in business since 1905. The provider currently offers data, voice and video services to residential and business customers in communities located throughout West Central Ohio.
The company’s current management team will continue to lead the business, which will continue to be managed locally in New Knoxville, Ohio, and the company will operate under the NKTelco brand.
“Schurz has a long history of supporting broadband companies and we are fortunate to be part of its family of businesses,” said Preston Meyer, general manager of NKTelco. ”With this support, NKTelco will be able to accelerate plans of expanding its regional fiber network. In addition, we plan to announce Gigabit speeds and more cloud based offerings while continuing to deliver our superior customer service. We appreciate the expanded opportunities that being part of the Schurz family brings for our employees. Ultimately our partnership supports our investment in our local communities and increases our ability to pursue growth and expansion opportunities.”
As part of the transaction, Schurz will become owners of NKTelco’s 4.5% investment in Com Net, Inc. (CNI), an Ohio-based communications company, which will enable greater connectivity throughout the state.
“NKTelco is an excellent fit for our broadband portfolio that will help us support the communities in which they serve today and will serve in the future,” concluded Brian Lynch, senior vice president of the Schurz Broadband Division. “Their management team and employees have been and are exceptionally committed to providing the best communication services possible with the personal attention that every customer deserves.”
Financial terms of the transaction were not disclosed. The transaction is subject to regulatory approval and is expected to close in Q4 2021. In the transaction, Stifel served as financial advisor and FGKS Law served as legal advisor to NKTelco. Barnes & Thornburg served as legal advisor to Schurz.