Seren Innovations on the Block9/27/2004 8:50 AM Eastern
Seren Innovations Inc.’s parent company said Monday that its board of directors has authorized it to pursue the sale of the broadband-services unit.
The Xcel Energy Inc.-owned company provides cable-television, high-speed-data and telephone service over an advanced network to more than 45,500 customers in St. Cloud, Minn., and Concord and Walnut Creek, Calif.
Seren's 2003 revenue was approximately $36 million, and Xcel's equity investment in Seren is approximately $253 million, Xcel said.
"Although Seren delivers high-quality products and services, we determined that continued ownership is not consistent with our strategy of building our core utility operations," Xcel president and chief operating officer Dick Kelly said in a prepared statement.
"We hope to complete the sale during the first quarter of 2005," Kelly added.