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
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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
