Vast Broadband’s Recapitalization


Paul, Weiss advised Oak Hill Capital Partners on the transaction

Vast Broadband (“Vast”), a leading provider of high-speed broadband, video, and voice services to over 55,000 residential and business customers in South Dakota and Minnesota markets, has entered into a definitive agreement to acquire NTS Communications (“NTS”). NTS is a regional broadband fiber company offering high-speed data, video, and voice services to over 20,000 residential and business customers in Texas and Louisiana. Under the terms of the agreement, Vast will acquire the company from its current private equity owner, Tower Three Partners. After the closing of the NTS transaction, Oak Hill Capital Partners (“Oak Hill”) and Pamlico Capital (“Pamlico”) will lead a recapitalization of Vast to support the company’s accelerated growth plans.

The transaction is expected to close following satisfaction of customary closing conditions, including regulatory approvals. Financial terms of the transaction were not disclosed. Vast and NTS will work together to provide a smooth transition for customers and employees.

The Bank Street Group LLC served as NTS’s exclusive financial advisor in connection with this transaction. SunTrust Robinson Humphrey, Inc. and TD Securities (USA) have committed to provide debt financing to support the transaction.

Paul, Weiss advised Oak Hill Capital Partners on the deal with a team including corporate partners Angelo Bonvino (Picture), Patrick Campbell, Manuel Frey, Eric Goodison, Brian Lavin and Lindsey Wiersma and counsel Daniel Layfield; tax partner David Sicular and counsel Todd Hatcher; intellectual property partner Chuck Googe; employee benefits partner Andrew Gaines and counsel Uri Horowitz; real estate partners Mitchell Berg and Peter Fisch; antitrust counsel Marta Kelly; litigation counsel Darren Johnson; and environmental counsel William O’Brien.

Involved fees earner: Mitchell Berg – Paul Weiss Rifkind Wharton & Garrison; Angelo Bonvino – Paul Weiss Rifkind Wharton & Garrison; Patrick Campbell – Paul Weiss Rifkind Wharton & Garrison; Peter Fisch – Paul Weiss Rifkind Wharton & Garrison; Manuel Frey – Paul Weiss Rifkind Wharton & Garrison; Andrew Gaines – Paul Weiss Rifkind Wharton & Garrison; Eric Goodison – Paul Weiss Rifkind Wharton & Garrison; Charles Googe – Paul Weiss Rifkind Wharton & Garrison; Todd Hatcher – Paul Weiss Rifkind Wharton & Garrison; Uri Horowitz – Paul Weiss Rifkind Wharton & Garrison; Darren Johnson – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Brian Lavin – Paul Weiss Rifkind Wharton & Garrison; Daniel Layfield – Paul Weiss Rifkind Wharton & Garrison; William O’Brien – Paul Weiss Rifkind Wharton & Garrison; David Sicular – Paul Weiss Rifkind Wharton & Garrison; Lindsey Wiersma – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Paul Weiss Rifkind Wharton & Garrison;

Clients: Oak Hill Capital Partners;

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Author: Ambrogio Visconti