TDS Telecom deepens New Hampshire footprint with Granite State Communications deal

Granite State Communications' history dates to 1877 and once consisted of four separate telephone companies: Chester Telephone Company, Sandown Telephone Company, Weare Telephone Company, and Triangle Telephone Company. Throughout its history, Granite State Communications has maintained a large commitment to investing in its network and its communities.

“By welcoming Granite State Communications into the TDS family, we are not only expanding our fiber network but also strengthening our commitment to the New Hampshire communities we serve,” said Drew Petersen, TDS Telecom Senior Vice President of Corporate Affairs.

Targeted fiber M&A

TDS Telecom’s acquisition of Granite State Communications reflects the service provider’s focus on pursuing what it calls small, highly synergistic opportunities to bolster its fiber network.

M&A is part of TDS Telecom’s three-part capital allocation plan that includes investing in its fiber business and returning capital directly to shareholders.

Vicki Villacrez, executive vice president and chief financial officer for TDS, said during the company's fourth-quarter earnings call that its M&A focus is on smaller fiber assets that can meet its return objectives.

“As it relates to M&A, we continue to evaluate fiber opportunities in a financially disciplined, accretive, business-case-driven manner," she said. 

As TDS sharpens its fiber goals, the telco has also been shedding targeted non-core assets in various markets in recent years, allowing it to focus more heavily on its core fiber operation.

Throughout 2024 and 2025, TDS divested several assets.

In 2024, it sold its Texas cable operations assets to Poka Lambro Telecommunications Ltd. and Nevill Holdings. Later, in March 2025, TDS sold its Amelia Telephone Corporation and New Castle Telephone Company properties to River Street Networks. Earlier

In July 2025, Hillary Communications, a family-owned independent telco serving customers across rural Oklahoma, Texas, and Iowa, acquired TDS Telecom's Oklahoma network operations to enhance fiber broadband in rural markets.

At the time of the Hillary sale, Ken Dixon, president and CEO of TDS Telecom, said that "this divestiture will allow us to focus more heavily on our core fiber operations.”

Advancing fiber reach

Whether it is shedding non-core assets or purchasing another regional provider like Granite State Communications, it’s all part of TDS’s broader fiber expansion strategy.

“Driving sales and increasing penetration across our fiber markets remains a top priority as we work to achieve our long-term objectives,” said Ken Dixon, president of TDS Telecom, during its fourth quarter earnings call.

However, the telco’s ambitions are focused on further scaling its fiber reach. While it is still in the early stages of its plan, TDS has identified 300,000 additional fiber edge-out service address opportunities across approximately 50 new communities.

Dixon said the 300,000-address target is “increasing our long-term goal from 1.8 million to 2.1 million fiber addresses.”

During each quarter of 2025, the company delivered sequential growth in residential fiber net adds.

In the fourth quarter, the telco added 58,000 new marketable fiber addresses, up sequentially over the third quarter and up 39% year-over-year.

For the full year 2025, TDS added 140,000 new marketable fiber addresses and expanded its broadband footprint.

“We delivered 40,000 marketable addresses in the first half of 2025, and 100,000 in the second half, showing momentum as our construction engine accelerated,” Dixon said.

Looking to 2026, Dixon said TDS is "focused on delivering our fiber build plan" that will deliver between 200,000 and 250,000 new marketable fiber addresses. 

As it continues to build out its fiber network, TDS will work to raise fiber broadband sales and expand its fiber customer growth. 

TDS Telecom ended the fourth quarter with approximately 15,000 fiber net adds, up 11% from the fourth quarter of 2024, bringing the year's residential fiber net adds to approximately 45,000.

Dixon said, "In 2026, we expect to increase that number by driving higher sales in both new and established fiber markets."

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