TDS Telecom to transfer ownership of Colorado company to Elevate
MONTROSE, Colo.—TDS Telecommunications LLC (TDS®) and Elevate announced they have signed a stock purchase agreement to transfer TDS’s Delta County operations and assets to Elevate. TDS provides phone and internet service in Delta County. Elevate is Delta-Montrose Electric Association’s (DMEA) fiber internet subsidiary, serving over 16,000 customers in Delta and Montrose counties. The acquisition further enhances Elevate’s growing network.
“This purchase represents a monumental step forward for Elevate and Delta County residents,” said Elevate President Jack Johnston. “As the only locally owned fiber internet company in Montrose and Delta counties, this move allows us to expand our reach and capabilities to offer reliable, high-speed internet at affordable rates.”
“We are confident there will be a seamless transition of operations,” said TDS Telecom President and CEO Jim Butman. “Customers can expect a high level of quality service with their new provider. We are grateful for our associates’ service and will work with them on the transition to the new company.”
The agreement also includes four local TDS Field Service associates who will work with DMEA and Elevate teams. TDS is retaining its cable operations in other parts of the state. Subject to customary closing conditions and regulatory approvals, the transaction is expected to close in the second quarter of 2025.
“For 87 years, DMEA, Elevate’s parent cooperative, has served its community with a member-first attitude, and we look forward to fulfilling our promise to serve all DMEA members with Elevate’s fiber-optic internet. We proudly welcome these Delta County customers with our award-winning friendly customer service and tech support,” added Johnston.
Committed to bringing a new standard of reliable technology and customer service to the world of high-speed internet, Elevate was established in 2016 to provide affordable high-speed broadband service over a dependable fiber-optic network in Delta and Montrose counties. Elevate offers Colorado's most dependable, locally owned fiber optic network.
TDS, a Madison, Wisconsin-based company, has more than 1.1 million customer connections in the U.S. and has been doing business in Colorado since 1991.
Stifel served as the exclusive financial advisor to TDS in this transaction.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: intense competition; the ability to attract people of outstanding talent throughout all levels of the organization; TDS Telecom's lack of scale relative to larger competitors; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties and/or expansion of TDS Telecom’s businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which TDS Telecom does business; uncertainties in TDS Telecom’s future cash flows and liquidity and access to the capital markets; the ability for Telephone and Data Systems, Inc. to make payments on its indebtedness or comply with term of debt covenants; the effect on TDS Telecom's business if the collateral securing the secured term loan of TDS Telecom’s parent, Telephone and Data Systems, Inc., is foreclosed upon; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment, including changes in regulatory support received and the ability to pass through certain regulatory fees to customers; pending and future litigation; cyber-attacks or other breaches of network or information technology security; indirect control by the TDS Voting Trust; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and the impact, duration and severity of public health emergencies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of Telephone and Data Systems, Inc.’s Form 10-K.
About TDS Telecommunications LLC TDS Telecommunications LLC (TDS Telecom/TDS®) delivers high-speed internet, TV entertainment, and phone services to a mix of small to mid-sized urban, suburban and rural communities throughout the U.S. With 1.1 million connections, TDS’ mission is to create a better world through its communications services. Powered by fiber-optics and new industry-leading technologies, TDS delivers up to 8 Gigabit internet speeds and offers internet-protocol based TV entertainment solutions along with traditional phone services. TDS also offers businesses VoIP advanced communications solutions, dedicated internet service, and data networking services. Visit tdstelecom.com. TDS Telecom, headquartered in Madison, Wis., employs 3,300 people and is a subsidiary of Telephone and Data Systems, Inc. [NYSE: TDS]. Founded in 1969, Telephone and Data Systems provides wireless, broadband, video and voice services to approximately 6 million connections nationwide through its businesses: UScellular and TDS Telecom. Visit tdsinc.com.
