CHARLOTTE, N.C., Jan. 31, 2013 /PRNewswire/ -- FairPoint Communications, Inc. (NasdaqCM: FRP) announced today that it has completed the sale of the capital stock of its Idaho-based operations to Blackfoot Telecommunications Group of Missoula, Montana for approximately $30 million in gross cash proceeds.
FairPoint's Idaho properties served more than 5,000 residential and business customers in eastern Idaho. On an annual basis, the properties contributed approximately $8 million in revenue and approximately $5 million in EBITDA, with capital expenditures of approximately $1 million.
Blackfoot Telecommunications Group traces its origins to the founding of the Blackfoot Telephone Cooperative in 1954 and through its various organizations delivers telecommunications services to more than 20,000 customers in western Montana and Idaho.
As a result of the sale, 11 FairPoint employees based in Idaho will be joining the Blackfoot organization.
About FairPoint Communications, Inc.
FairPoint Communications, Inc. (NasdaqCM: FRP) is a leading communications provider of broadband Internet access, local and long-distance phone, television and other high-capacity data services to customers in communities across 17 states. Through its fast, reliable fiber network, FairPoint delivers high-quality data and voice networking communications solutions to residential, business and wholesale customers. FairPoint delivers VantagePointSM services through its resilient IP-based network in northern New England. This state-of-the-art fiber network provides carrier Ethernet connections to support the surging bandwidth and performance requirements for cloud-based applications like network storage, disaster recovery, distance learning, medical imaging, video conferencing and CAD/CAM along with traditional voice, VoIP, video and Internet access solutions. Additional information about FairPoint products and services is available at www.FairPoint.com. You can also connect with FairPoint on Twitter (http://www.twitter.com/fairpoint) and Facebook (http://www.facebook.com/myfairpoint).
About Blackfoot Telecommunications Group
Blackfoot Telecommunications Group (Blackfoot) offers advanced telecommunications solutions to customers in Missoula and throughout Montana and Idaho including voice, data, IT and security services. Blackfoot's fiber optic network expands through 6,500-square-miles of Western Montana. Named after the Blackfoot River running through much of the territory it serves, Blackfoot was originally established in 1954 as Blackfoot Telephone Cooperative and is headquartered in Missoula, Montana. Blackfoot can be reached at 406-541-5000 or at http://www.blackfoot.com.
SOURCE FairPoint Communications, Inc.