March 25, 2005 Waltham, MA and Bedford, NH -- CTC Communications and Lightship Telecom, two facilities-based telecommunication providers in New England, have announced a merger agreement. The new entity, operating as CTC Communications, will, according to the companies, become a pre-eminent competitive local exchange carrier, headquartered in New England.
According to a press release, the merged company will enable businesses with a financially strong, customer-focused telecommunications partner, combining Lightship's experience in data networking and traditional telephony with CTC's success in building fiber-optic networks, as well as in implementing business-grade VoIP services. CTC has been providing carrier-class voice services over its all-IP network since 2000, and claims to be the market leader in VoIP in the regions it serves.
"Lightship Telecom is an ideal merger partner as we continue to implement our aggressive growth strategy and establish ourselves as the premier competitive telecom carrier in the Northeast corridor," asserts Ray Allieri, CEO of CTC Communications. "Both companies remain committed to continue providing excellent customer service during and after this transition period."
"This merger provides business customers in New England with more options," adds Kevin O'Hare, president and CEO of Lightship Telecom.
Terms of the agreement were not disclosed. The companies expect to receive swift approval from regulatory agencies. Lightship was backed by JP Morgan Partners and Megunticook. Lightship's financial advisor in the transaction was Q Advisors LLC of Denver, Colorado. CTC is owned by Columbia Ventures (CVC). CTC's financial advisor in the transaction was the Bank Street Group, LLC.
"This transaction demonstrates our focus on building the premier telecommunications alternative in the Northeast," remarks Ken Peterson, chairman of CTC and CEO of CVC. "We remain committed to growing the combined company not only organically but with other strategic investment opportunities as well."
CTC has provided telecommunication services to business customers throughout the Northeast and Mid-Atlantic regions for more than 20 years, with customer service and support provided through 15 regional offices. Lightship Telecom, founded in 1998, serves business customers in New England from its operational headquarters in Bedford, NH, and 6 regional offices.