Windstream Holdings Inc (NASDAQ:WIN) leaped to begin 2019, after reported on New Year’s Eve the sale of EarthLink consumer internet business for $330 million in cash.
The Little Rock, Arkansas-based Windstream acquired the business in its merger with EarthLink in February 2017.
Trive Capital, a Dallas-based private equity firm, purchased the business for $330 million in cash.
Said CEO Tony Thomas, "This transaction enables us to divest a non-core segment and focus exclusively on our two largest business units. In addition, it improves our credit profile and metrics in 2019 and beyond."
The legacy EarthLink consumer internet business offers internet access, online back-up, managed web design, web hosting and various email services to over 600,000 customers throughout the United States.
Trive Managing Partner Conner Searcy commented, "We are excited to partner with and support the EarthLink management team in continuing to provide great products and services available to millions of households in the United States. We intend to provide additional resources and access to deep industry relationships to help grow the brand in the coming years."
Windstream boasts a status as a leading provider of advanced network communications and technology solutions. Windstream provides data networking, core transport, security, unified communications and managed services to mid-market, enterprise and wholesale customers across the U.S.
The company says it also offers broadband, entertainment and security services for consumers and small and medium-sized businesses primarily in rural areas in 18 states.
Windstream shares began Wednesday took on nine cents, or 4.3%, to $2.18
