CINCINNATI and HONOLULU, Dec. 8,
2017 /PRNewswire/ -- Today the Hawai'i Department of
Commerce and Consumer Affairs' (DCCA) Cable Television Division
(CATV) announced the conditional approval of the transfer of
control of Hawaiian Telcom's cable franchise to Cincinnati Bell
Inc. (NYSE: CBB). This development is an important step in the
process of satisfying the closing conditions of Cincinnati Bell's
combination with Hawaiian Telcom Holdco, Inc. (NASDAQ: HCOM).
Leigh Fox, President and Chief
Executive Officer of Cincinnati Bell, said, "We are pleased that
our merger approval process is moving forward expeditiously and
thank the DCCA for their leadership. The DCCA's approval is a
significant step forward in the combination of Cincinnati Bell and
Hawaiian Telcom, a merger that will accelerate our overarching
strategy to create a diversified and balanced revenue mix by
expanding our high-speed, high-bandwidth fiber optic network while
building a complementary IT solutions and cloud services business
in Cincinnati and Hawai'i."
Scott K. Barber, President and
Chief Executive Officer of Hawaiian Telcom, commented, "This
approval moves us one step closer to creating a stronger, more
successful communications and technology company focused on serving
our local customers with industry-leading products and services.
The combination will ensure the continued build out of our Next
Generation Fiber Network, enabling expanded access to high-capacity
broadband and TV service across Hawai'i."
As outlined in the DCCA's Decision & Order No. 370, which
can be viewed at http://cca.hawaii.gov/catv, Cincinnati Bell has
committed to:
- investing $20 million dollars to
improve and build out Hawaiian Telcom's Next Generation Fiber
Network statewide within four years of the close of the
merger;
- continuing local management of Hawaiian Telcom in Hawai'i, and
honoring its union labor agreements; and
- adhering to laws and rules regarding customer privacy as well
as open Internet.
In addition to this critical milestone, last month the merger
cleared the Hart-Scott-Rodino Act review period and Hawaiian Telcom
shareholders overwhelmingly approved the combination. Regulatory
review processes are well underway with the Federal Communications
Commission and the Public Utilities Commission of the State of
Hawai'i. The merger approval process continues to progress as
anticipated and the transaction is expected to close as soon as all
regulatory approvals and other customary closing conditions are
met.
About Cincinnati Bell Inc.
With headquarters in Cincinnati,
Ohio, Cincinnati Bell Inc. (NYSE: CBB) provides integrated
communications solutions - including local and long distance voice,
data, high-speed Internet and video - that keep residential and
business customers in Greater
Cincinnati and Dayton connected with each other and with the
world. In addition, enterprise customers across the United States and Canada rely on CBTS and OnX, wholly-owned
subsidiaries, for efficient, scalable office communications systems
and end-to-end IT solutions. For more information, please visit
www.cincinnatibell.com. The information on the Company's website is
not incorporated by reference in this press release.
About Hawaiian Telcom
Hawaiian Telcom (NASDAQ: HCOM), headquartered in Honolulu, is Hawai'i's Technology Leader,
providing integrated communications, broadband, data center and
entertainment solutions for business and residential customers.
With roots in Hawai'i beginning in 1883, the Company offers a full
range of services including Internet, video, voice, wireless, data
network solutions and security, colocation, and managed and cloud
services supported by the reach and reliability of its next
generation fiber network and a 24/7 state-of-the-art network
operations center. With employees statewide sharing a commitment to
innovation and a passion for delivering superior service, Hawaiian
Telcom provides an Always OnSM customer experience. For more
information, visit hawaiiantel.com.
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SOURCE Cincinnati Bell Inc.; Hawaiian Telcom Holdco, Inc.
