NOME, N.D.--(BUSINESS WIRE)--ICTC Group, Inc. (“ICTC”; OTC Pink ®: ICTG) and BEK Communications Cooperative (“BEK”) today announced an agreement in which BEK will acquire ICTC in an all-cash transaction valued at $25 million, or $65.25 per ICTC share.
Dan Miller, Chairman and CEO of ICTC Group, Inc. commented, “This deal is the culmination of a comprehensive strategic review, and is a significant milestone for our loyal customers, professional staff, and shareholders.”
ICTC recently began a multi-year investment cycle, utilizing its strong balance sheet and skilled technical team, to accelerate the deployment of high-speed broadband and related services. It is expected that BEK will continue this robust program for the benefit of consumers.
The purchase price represents a premium of 54% from the 2017 average trading price for ICTC shares of $42.33, and a 170% premium to the 2016 average trading price of $24.17.
Derrick Bulawa, CEO of BEK Communications, added “We are delighted to be bringing the ICTC community into our cooperative family. This is a terrific opportunity to leverage our operational presence in nearby Valley City and to provide broader distribution of our network, media and cloud products, to a market looking for advanced services.”
The transaction is expected to be completed in the second half of 2018, pending approval from the Federal Communications Commission.
ICTC will publish its financial results for the second quarter of 2018 in early August.
About ICTC Group, Inc.
ICTC Group Inc. (OTCBB: ICTG) is a publicly traded holding company with subsidiaries in voice, broadband and other telecommunications services in North Dakota. To learn more, visit www.ictcgroup.net.
About BEK Communications Cooperative
BEK Communications, founded in 1952, is a communication service company headquartered in Steele, North Dakota, with branch offices in Bismarck and Valley City. The company provides fiber-based voice, Internet, and television services; cloud-based security, automation, surveillance, voice, and storage services; live sports broadcasting on BEK Broadcasting Network; and hospital and business communications solutions to nearly 10,000 customers in North Dakota. The company emphasizes their fast, friendly, local service experience and a broad portfolio of high-quality communications services. To learn more, visit www.bektel.com.