Contact: Mark A. Steinkrauss, Vice President, Corporate Relations
(312) 592-5384 [email protected]
FOR RELEASE: IMMEDIATE
TDS Announces Acquisition of
Chorus Communications Group, LTD.
November 27, 2000 - Chicago, Illinois - Telephone and Data Systems, Inc.
[AMEX:TDS], a leading supplier of wireless and local telephone services,
announced that it has entered into a definitive agreement for the merger of
Chorus Communications Group, Ltd., of Madison, WI [OTC Bulletin Board: CCGL].
The transaction is subject to certain conditions, including regulatory approvals
and approval by Chorus shareholders, and is expected to close in the second
quarter of 2001. The total purchase price is $195 million and the assumption of
debt. Debt outstanding on September 30, 2000 was $31 million.
Chorus Communications Group, Ltd. is a telecommunications company serving
approximately 45,000 access lines and 30,000 Internet customers primarily in
Wisconsin. Its assets include the local exchange carriers Mid-Plains, Inc.,
Dickeyville Telephone and Farmers Telephone Company. The company's other
operations, including Chorus Networks, sell, install and service business
telephone and videoconferencing systems, data networks, Internet access and long
distance. Chorus also has recently entered the CLEC business. In addition,
through its local exchange carriers, Chorus has interests in certain wireless
partnerships in Wisconsin.
James Barr III, President and Chief Executive Officer of TDS Telecom said: "We
are pleased to join forces with Chorus. Its telecommunications operations fit
extremely well with our existing operations in Wisconsin, already a strong and
sizable market for us. Together, we intend to increase growth, introduce new
services faster and achieve operating benefits. Chorus's experienced and
extremely capable workforce will strengthen our combined operation.
"In particular, we are pleased that Chorus's operating areas are overlayed by
the wireless footprint of our sister company U.S. Cellular. Together with U.S.
Cellular we are looking forward to offering our customers a broad array of
telecommunications services from voice telephone services to high-speed data and
All information set forth in this news release, except historical and factual
information, represents forward-looking statements. This includes all statements
about the Company's plans, beliefs, estimates and expectations. These statements
are based on current estimates and projections, which involve certain risks and
uncertainties that could cause actual results to differ materially from those in
the forward-looking statements. Important factors that may affect these
forward-looking statements include, but are not limited to: changes in the
overall economy; changes in competition in the markets in which TDS operates;
advances in telecommunications technology; changes in the telecommunications
regulatory environment; pending and future litigation; acquisitions/divestitures
of properties and or licenses; changes in customer growth rates, penetration
rates, churn rates, roaming rates and the mix of products and services offered
in our markets. Investors are encouraged to consider these and other risks and
uncertainties that are discussed in documents filed by TDS with Securities and
Exchange Commission ("SEC").
TDS is a diversified telecommunications corporation founded in 1969. Through its
strategic business units, U.S. Cellular and TDS Telecom, TDS operates primarily
by providing cellular and local telephone service. TDS builds value for its
shareholders by providing excellent communications services in growing, closely
related segments of the telecommunications industry. The Company currently
employs over 8,000 people and serves approximately 3.6 million customers in 35
Founded in 1969, TDS Telecom serves more than 900 rural and suburban communities
in 28 states. The company has achieved steady growth and is America's ninth
largest non-Bell telephone company, with more than 696,000 access lines and
revenues of $546 million in 1999.
A map of the ILEC properties involved can be viewed at TDS's website.
For more information about TDS and its subsidiaries, visit the web sites at:
TDS: http://www.teldta.com TDS Telecom: http://www.tdstelecom.com