Prairie Wave Communications buys McLeodUSA operations McLeodUSA Incorporated (Nasdaq: MCLDD), one of the nation's largest independent competitive local exchange carriers, today announced that it has entered into a definitive agreement to sell its non-core ILEC operations in South Dakota and certain overbuild CLEC and cable television operations in South Dakota, southwestern Minnesota and northwestern Iowa to Prairie Wave Communications, Inc. for approximately $88 million.
Prairie Wave Communications, Inc. is a newly established company formed by an investor group headed by Alta Communications and Bank of America Capital Investors. The transaction is subject to Hart-Scott-Rodino approval, certain other regulatory approvals and customary closing conditions, including receipt of senior debt financing by Prairie Wave. The parties anticipate the closing to occur in the third quarter of 2002.
McLeodUSA provides integrated communications services, including local services.