In The News
SOURCE: Multichannel News

RAPID BUYS 6,500 VA. SUBS FROM NTELOS

The Staff
Multichannel News
9/29/2003

New York— Rapid Communications LLC said it has closed its purchase of 6,500 cable subscribers in several small communities in Virginia from NTELOS Inc.

While terms of the deal were not disclosed, sources said the systems sold for between $8.5 million and $9 million, or 10 times cash flow. Rapid Communications is headed by former Tele-Communications Inc. vice president of corporate development Tom Semptimphelter.

Rapid's backers include private equity investors Alta Communications, Columbia Capital and Housatonic Partners. New York-based cable investment banker DH Capital LLC represented NTELOS.