Utah Broadband, A Subsidiary of Boston Omaha Corporation (NYSE: BOC) Acquires All the Internet Service Assets of Strawberry Communications

Rhea-AI Summary

Boston Omaha Corporation (NYSE: BOC) has successfully acquired Strawberry Communications' Internet Service business, which includes its fiber and wireless assets. This strategic move enhances Utah Broadband's fiber footprint, positioning it as a leading provider in the Greater Park City Area and Heber Valley. Despite the acquisition not being material to BOC's overall fiber operations, it aims to leverage Strawberry's established customer service reputation and robust networks to scale its offerings. Both companies express enthusiasm for the synergies this partnership will create.

Positive

• Enhances Utah Broadband's fiber infrastructure in the Greater Park City Area and Heber Valley.
• Builds on Strawberry Communications' strong reputation for customer service.
• Potential for scaling operations due to robust networks from the acquired business.

Negative

• None.

OMAHA, Neb.--(BUSINESS WIRE)-- Utah Broadband ("UBB"), a majority owned subsidiary of Boston Omaha Corporation (NYSE: BOC), has completed the acquisition of Strawberry Communications' Internet Service business. This includes all fiber and wireless internet assets and subscriber agreements. While this acquisition is not material to BOC’s overall fiber business, it does expand UBB’s fiber infrastructure footprint making it one of the largest fiber providers in the Greater Park City Area and Heber Valley. Utah Broadband’s Founder and CEO Steven McGhie said, “We are excited to carry on Strawberry’s tradition of great service to its customers. Leveraging their fiber and wireless assets will complement our extensive network in these markets.”

About Strawberry Communications

Strawberry Communications was founded in 2014. Their integrity and personable service helped them maintain one of the best customer retention ratings in the industry. Jon Hagen of Strawberry Communications said, “Steven McGhie and I have been talking about this for several months and feel it will provide great synergy between our companies and a great opportunity to continue to deploy the latest technology to our customers.”

Adam Peterson, co-CEO of Boston Omaha, added, "The Strawberry Communications team has built robust networks capable of scaling within and outside of their current footprints. Additionally, their history of delighting customers by providing exceptional service made them a natural fit into our fiber-to-the-home strategy throughout western rural communities and beyond.”

About Utah Broadband

Utah Broadband has been one of Utah’s most trusted Internet Service Providers for over 20 years. UBB has engineered a carrier-class network with redundancy and reliability that is unparalleled. UBB’s Founder and CEO, Steven McGhie, built the company on their core values of respect, integrity, passion, and teamwork. UBB is currently deploying fiber and wireless service in seven counties along the Wasatch Front and Back portions of Utah. UBB strives to stand out from its competitors by providing exceptional friendly customer service and reliability.

About Boston Omaha

Boston Omaha Corporation is a public holding company with four majority owned businesses engaged in outdoor advertising, surety insurance, broadband telecommunications services, and asset management.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220705005837/en/

Steven McGhie - CEO, Utah Broadband

(801) 717-2000

Source: Boston Omaha Corporation

FAQ

What is the significance of Boston Omaha Corporation's acquisition of Strawberry Communications?

The acquisition enhances Utah Broadband's infrastructure, making it a major fiber provider in specific regions.

How does the acquisition of Strawberry Communications impact BOC's business strategy?

It aligns with BOC's strategy to expand its fiber-to-the-home offerings and improve customer service.

What assets did Boston Omaha Corporation acquire from Strawberry Communications?

The acquisition includes all fiber and wireless internet assets and subscriber agreements.

Is the acquisition of Strawberry Communications material to Boston Omaha Corporation's overall business?

No, the acquisition is not material to BOC’s overall fiber business.