Midco to acquire SCI Broadband to reach more Minnesota customers
Midco, one of Sioux Falls' internet service providers, has signed an agreement to acquire Minnesota ISP Savage Communications Inc. (SCI) Broadband, according to a June 3 news release.
The acquisition will 'help Midco serve more customers in Minnesota and achieve its Fiber Forward goal, a $500 million investment launched in July 2021 to deliver 10 Gig internet speeds to homes and businesses in the Upper Midwest, the release states.
Founded in 1984 by Ron Savage, SCI Broadband currently serves nearly 12,000 data customers across central, eastern and northeastern Minnesota. SCI is projected to reach 28,000 passings by the end of the year.
'I have known Ron and SCI for many years. In fact, we did business with them 25 years ago when we sold a couple small systems in the Brainerd Lakes area to SCI,' said Midco Chair and CEO Pat McAdaragh. 'Ron and his team have built a great company, and we look forward to achieving Ron's vision under the Midco name.'
More: Midco announces $500 million upgrade to 10G fiber network, creating 'Ferrari of service' in region
Savage, SCI's president and founder, said he sees the deal as the right move to support future growth.
'Over the last few years, I've been debating SCI's future. With our large-scale fiber expansion project nearing completion, I want SCI to continue to grow its footprint and ability to serve customers,' Savage said. 'I've decided the best path forward is to sell it to a like-minded company, and I found that in Midco.'
The acquisition is expected to close on Oct. 1, pending regulatory approvals.
This article originally appeared on Sioux Falls Argus Leader: Midco to acquire Savage Communications Inc. (SCI) Broadband to serve more customers in Minnesota
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
3 days ago
- Business Insider
Cosol Limited (COS) Receives a Buy from Bell Potter
In a report released today, Chris Savage from Bell Potter maintained a Buy rating on Cosol Limited (COS – Research Report), with a price target of A$0.90. The company's shares closed today at A$0.66. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to TipRanks, Savage is a 4-star analyst with an average return of 4.9% and a 46.15% success rate. Savage covers the Technology sector, focusing on stocks such as Catapult Group International, Technology One Limited, and Adveritas Limited. The analyst consensus on Cosol Limited is currently a Hold rating. COS market cap is currently A$136.5M and has a P/E ratio of 14.91.
Yahoo
4 days ago
- Yahoo
Midco to acquire SCI Broadband to reach more Minnesota customers
Midco, one of Sioux Falls' internet service providers, has signed an agreement to acquire Minnesota ISP Savage Communications Inc. (SCI) Broadband, according to a June 3 news release. The acquisition will 'help Midco serve more customers in Minnesota and achieve its Fiber Forward goal, a $500 million investment launched in July 2021 to deliver 10 Gig internet speeds to homes and businesses in the Upper Midwest, the release states. Founded in 1984 by Ron Savage, SCI Broadband currently serves nearly 12,000 data customers across central, eastern and northeastern Minnesota. SCI is projected to reach 28,000 passings by the end of the year. 'I have known Ron and SCI for many years. In fact, we did business with them 25 years ago when we sold a couple small systems in the Brainerd Lakes area to SCI,' said Midco Chair and CEO Pat McAdaragh. 'Ron and his team have built a great company, and we look forward to achieving Ron's vision under the Midco name.' More: Midco announces $500 million upgrade to 10G fiber network, creating 'Ferrari of service' in region Savage, SCI's president and founder, said he sees the deal as the right move to support future growth. 'Over the last few years, I've been debating SCI's future. With our large-scale fiber expansion project nearing completion, I want SCI to continue to grow its footprint and ability to serve customers,' Savage said. 'I've decided the best path forward is to sell it to a like-minded company, and I found that in Midco.' The acquisition is expected to close on Oct. 1, pending regulatory approvals. This article originally appeared on Sioux Falls Argus Leader: Midco to acquire Savage Communications Inc. (SCI) Broadband to serve more customers in Minnesota
Business Insider
4 days ago
- Business Insider
Bell Potter Reaffirms Their Buy Rating on Adveritas Limited (4TM)
In a report released today, Chris Savage from Bell Potter maintained a Buy rating on Adveritas Limited (4TM – Research Report), with a price target of A$0.15. The company's shares closed last Monday at €0.05. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Savage covers the Technology sector, focusing on stocks such as Technology One Limited, Catapult Group International, and Adveritas Limited. According to TipRanks, Savage has an average return of 4.9% and a 46.15% success rate on recommended stocks.
