Boston Omaha Corp. of Omaha, Nebraska, through its wholly owned subsidiary FIF Utah LLC, has entered into an agreement to acquire Utah Broadband LLC, a family-owned broadband fiber and fixed wireless Internet service provider based in Draper. Founded in 2002, Utah Broadband provides high-speed Internet services to over 10,000 customers throughout Salt Lake City, Park City, Ogden, Provo and surrounding communities.
The purchase price consists of $21.6 million in cash and issuance of a 20 percent interest in FIF Utah, valued at $5.4 millionto Steve McGhie, current owner and CEO of Utah Broadband. The closing is anticipated to be completed, subject to the closing conditions, within the next 30 days.
McGhie will continue as CEO of the newly formed entity and will continue to guide Utah Broadband’s next phase of growth, FIF Utah said. Boston Omaha said it intends to make significant additional capital investments to fund the company’s planned fiber-to-the-home expansion.
