SIKESTON, Mo. & LUBBOCK, Texas -- Vast Broadband, which provides high-speed broadband, video, and voice services to over 55,000 residential and business customers in South Dakota and Minnesota markets, today completed its acquisition of NTS Communications, a regional broadband fiber company offering high-speed data, video and voice services to more than 20,000 residential and business customers in Texas and Louisiana. Oak Hill Capital Partners and Pamlico Capital led a recapitalization of Vast and NTS to support the company's accelerated growth plans.
NTS operates a high-quality fiber network spanning over 2,700 owned route miles that passes more than 60,000 homes and businesses in the Texas markets of Lubbock, Amarillo, Abilene, and Wichita Falls, as well as select markets in Louisiana. The senior management team at Vast -- led by CEO Jim Gleason, CFO Keith Davidson and COO Larry Eby -- will join forces with local management at NTS to expand service offerings across the company's markets.
"We are excited to officially welcome NTS to the Vast family and support the company's next phase of growth," said Gleason. "We look forward to working with the NTS team and the cities NTS serves to provide outstanding service to our customers and communities. Vast and NTS will work together to assure a seamless transition for both customers and employees."
Financial terms of the transaction were not disclosed. The Bank Street Group LLC served as NTS's exclusive financial advisor in connection with this transaction. SunTrust Robinson Humphrey, Inc. and TD Securities (USA) provided debt financing to support the transaction.
It wasn't long ago that TV was ranked by subscribers as the most important service in the bundle provided by their communications service provider (CSP). Recent research indicates that for nearly three quarters of subscribers, broadband is now the most important service. Broadcast TV is the most important service to only 15% of North American consumers, replaced by OTT video streaming platforms like Netflix, Amazon Prime and Disney+. In addition, many different competitors are moving aggressively to stake a claim in consumers' homes.
In 2020, CSPs need to fight back by transforming their business models, which are becoming more reliant on a single source of revenue: fixed broadband services.
This webinar will focus on helping CSPs transform their business models by placing a firm focus on delivering a sensational subscriber experience and by offering compelling new services that generate value for subscribers. These actions will reinforce the CSP's strategic position in the home network and position themselves for growth in the next decade.
Key topics include:
Being the first to market with WiFi 6 technology, in response to consumer purchases of new devices over the holidays;
Having the insights needed to proactively resolve issues, often before your subscribers even know that there are issues;
Providing help desk agents with the visibility they need to resolve common subscriber issues more quickly;
Delivering a mobile app, in response to consumer demands for the ability to do some things themselves, rather than having to call technical support; and
Addressing consumer concerns around device security, privacy and control with enhanced security and parental controls.
In this insightful Light Reading radio show, Kurt Raaflaub, Head of Strategic Solutions Marketing, will outline the key service provider challenges, deployment considerations, next-gen Gigabit technologies, and service models to win market share in the rapidly growing MDU market.