Rapid Communications LLC said it has closed its purchase of 6,500 cable
subscribers in several small communities in Virginia from NTELOS Inc.
While terms of the deal were not disclosed, sources said the systems sold for
between $8.5 million-$9 million, or 10 times cash flow.
Rapid is headed by former Tele-Communications Inc. vice president of
corporate development Tom Semptimphelter, and its backers include private-equity
investors Alta Communications, Columbia Capital and Housatonic Partners.
New York-based cable investment banker DH Capital LLC represented NTELOS in