NEW ULM, January 12, 2023 – Nuvera Communications, Inc., today announced that it and the other owners of FiberComm will sell 100% of their interest to ImOn Communications, subject to customary closing conditions, including regulatory approvals. Nuvera currently holds a 20% interest in FiberComm through its wholly-owned subsidiary Peoples Telephone Company.
The decision to sell Sioux, City, Iowa-based FiberComm, is consistent with Nuvera’s continued focus on core assets.
“Focusing on our core assets enables Nuvera to make investments across the service area where we are directly serving customers,” said Glenn Zerbe, CEO of Nuvera. “We’re always evaluating our strategic investment portfolio and making decisions about non-core assets that allow us to accelerate business priorities.”
Nuvera is currently transforming its network to serve customers with symmetrical gig speeds through 100% fiber optics. In December of 2021, Nuvera announced it would be investing $200 million to build fiber-to-the-home in the communities it serves including, Cherokee and Buena Vista Counties in Iowa.
FiberComm became part of the Nuvera portfolio with the acquisition of Peoples Telephone Company in 1993. In selling the minority stake, Nuvera expects to recognize a net gain on book value from the sale of FiberComm. After the sale, Nuvera will continue to serve customers in the former People’s Telephone Company service area.
The agreement by FiberComm owners to sell their interests to ImOn will go through a regulatory review process with final approval from the FCC. The parties expect the sale to close in 2023.