After 123 years of being family-owned, Horizon Telcom is selling the business. Canadian private equity business Novacap, will buy the locally owned company for an undisclosed price.
Horizon CEO Bill McKell adds that Novacap offers an infusion of capital dollars that can build the infrastructure of the company.
All 139 Horizon employees will retain their jobs with the current management team remaining intact, including McKell as CEO. McKell says Horizon will keep its brand and move forward with innovative ideas for telecommunications.
McKell says the deal has been signed, but it will take approximately 45 days for the stock-holders to agree to the terms and then regulatory approval will be needed from both the Federal Communications Commission and the Public Utilities Commission of Ohio.
To hear more comments from Horizon CEO Bill McKell about their change of ownership, go to our podcast link below...