I’m catching up on “old” news from February. Telecompetitor reports…

Zayo Group Holdings, Inc. today announced that it has entered into an agreement to sell Scott-Rice Telephone Co., a Minnesota ILEC (incumbent local exchange carrier), for $42 million to New Ulm Telecom, Inc.

Zayo is moving away from “non-core assets” – New Ulm will grow with the acquisition…

“New Ulm Telecom, Inc. is very excited about the acquisition of Scott-Rice Telephone Co.” said Bill Otis, President and CEO of New Ulm Telecom, Inc. in a statement.  “The additional connections, geographic location and strong relationships with customers position us well to continue our growth strategy.”

New Ulm, Minnesota-based New Ulm Telecom operates several ILECs as wholly-owned subsidiaries, offers a triple play bundle and is a wireless reseller. The closing of the transaction is subject to regulatory approvals and customary closing conditions, and is expected to occur in the June 2018 quarter.