(Gretna, Va.) — Wilkesboro-based RiverStreet Management Services LLC, has entered into an agreement to buy Gretna-based Peoples Mutual Telephone Co. and Peoples Mutual Long Distance Co. from Consolidated Communications Holdings Inc.
The all-cash transaction is valued at about $21 million and is subject to contractual adjustments. The closing is subject to regulatory approval and is expected to be completed in the first quarter of 2018.
Peoples Mutual, based in Gretna, Va., is a local exchange carrier providing telecommunications services to residents and businesses in the towns of Gretna, Hurt and Renan in Pittsylvania County and Sandy Level in Henry County.
The Virginia operations being sold contributed about $6.5 million of revenue in fiscal 2016.
Wilkes Communications and RiverStreet Networks now serve residential and commercial subscribers in parts of 26 counties in North Carolina, offering high-speed Internet, digital television, voice, security, and business systems.