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NTS agrees to be sold to Tower Three for $83M

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October 21, 2013 03:36 PM EST | AP


LUBBOCK, Texas — LUBBOCK, Texas (AP) — Communications services provider NTS Inc. said Monday that it has agreed to be taken private by private equity firm Tower Three Partners LLC in a deal worth about $83 million.

Tower Three is paying $2 per share. NTS had about 41.5 million shares outstanding as of Aug. 13. NTS provides Internet, cable TV and phone services to residential and business customers in northern Texas and southeastern Louisiana.

As part of the deal, Tower Three will buy all of NTS's shares except those owned by its CEO, Guy Nissenson. According to data from FactSet, Nissenson owns about 8 percent of the company's stock.

NTS shareholders must approve the sale. The company expects the deal to close in the first quarter of 2014 if it doesn't get a better offer.

Shares of NTS rose 38 cents, or 24 percent, to $1.96 in afternoon trading, a 52-week high.