Thursday, July 17, 2008

Iowa Telecom Acquires Bishop Communications

Iowa Telecommunications Services has acquired Bishop Communication, headquartered in Annandale, Minnesota for $43.9 million. Bishop Communications is a privately held holding company whose operations include the Lakedale Telephone Company, a rural telecommunications provider covering 378 square miles in central Minnesota.

Bishop Communications currently serves approximately 16,600 telephone access lines, 4,800 high-speed Internet customers and 3,800 video subscribers. For the year ended December 31, 2007, Bishop generated revenues of $19.6 million and Adjusted EBITDA of $5.7 million.

Iowa Telecom is the largest independent telephone company in Iowa and one of the twenty largest telephone companies in the nation.