The combined company will be called First Communications and the stockholders of Renaissance will own approximately 59.2% while current First Communications equity holders will own approximately 40.8%. Theodore Boyd, current chairman of First Communications, will become chairman of the combined company.
Ray Hexamer, chief executive at First Communications, said the transaction is an important step in building First Communications’ competitive position within the wireless tower and fiber business. Accessing the public markets in North America through Renaissance allows First Communications to take full advantage of our highly scalable infrastructure as well as our successful track record of growth through acquisition to expand our business lines, he said.
In July, First Communications acquired Chicago-based voice and data services provider Globalcom for $58.5m.
