The British Columbia Investment Management Corp. is acquiring U.S.-based fiber communications solutions provider Consolidated Communications Holdings Inc. in a joint transaction with private investment firm Searchlight Capital Partners.

The acquisition will be worth about US$3.1 billion. The purchase agreement price suggested a 70 per cent premium to Consolidated Communications’ public share price at April 12, 2023.

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Searchlight already owns 34 per cent of Consolidated Communications’ outstanding shares of common stock. The BCI and Searchlight will acquire the remaining consolidated common stock not already owned by the private investment firm.