ICTC Group, Inc. (OTC Pink: ICTG) and BEK Communications Cooperative (“BEK”) have announced an agreement in which BEK will acquire ICTC in an all-cash transaction valued at USD 25 million, or USD 65.25 per ICTC share, the companies said.
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 USD 42.33, and a 170% premium to the 2016 average trading price of USD 24.17.
The transaction is expected to be completed in the second half of 2018, pending approval from the Federal Communications Commission.
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.
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.