Boston Omaha Corporation, through its wholly owned subsidiary FIF Utah LLC, has completed the acquisition of Utah Broadband LLC, a family-owned broadband fiber and fixed wireless internet service provider.
Founded in 2002, UBB provides high-speed internet services to its more than 10,000 customers throughout Ogden, Park City, Provo, Salt Lake City and surrounding communities. The company announced on Dec. 17, 2020, that it had entered into a definitive purchase agreement to acquire the
Steve McGhie will continue as CEO and retain a 20 percent initial ownership stake in the newly formed entity as he continues to guide Utah Broadband’s next phase of growth. The remaining 80 percent initial ownership stake is owned by a wholly owned subsidiary of Boston Omaha, which intends to make significant additional capital investments to fund the company’s planned fiber-to-the-home expansion.
The purchase price consisted of $21,600,000 in cash paid at closing, subject to certain working capital and other adjustments, and the issuance of 20 percent of the common membership interests of FIF Utah, valued at $5,400,000, to McGhie.