News Releases
NEWS RELEASE FOR:
Hargray Communications Group
July 15, 2008
Smart City Announces Sale of Central Florida Operations to Affiliate of Hargray Communications
Orlando, Fla., and Hilton Head Island, S.C.: July 15, 2008 – Smart City and Hargray Communications Group today announced the signing of a definitive agreement under which an affiliate of Hargray will purchase the Central Florida operations of Smart City (“Smart City Telecom”), excluding Smart City’s Orange County Convention Center operations. Hargray is owned by an affiliate of Quadrangle Capital Partners, the private investment arm of Quadrangle Group that is focused on the media and communications industries. Financial terms were not disclosed. The transaction is expected to close following customary regulatory approvals, which are expected by the fourth quarter of 2008.
Smart City Telecom’s operations include its Lake Buena Vista, Fla., and Maitland, Fla., facilities that provide voice, data and video services to the local hospitality, business and residential markets. The transaction does not involve any of the convention center operations owned by Smart City, which will continue as an independent provider of voice, data and wireless services to 60 major convention centers across the United States, including the Orange County Convention Center.
“When combined with Hargray, Smart City Telecom will be a stronger business partner to its customers, with an enhanced ability to deliver a superior portfolio of services,” said Marty Rubin, President and CEO of Smart City. After the transaction closes, Mr. Rubin will split his time between being CEO of Smart City and the senior executive of Hargray's operations in Florida.
"Smart City Telecom is a well run company whose management has impressed us with their intense commitment to their customers and the local community,” said Michael Gottdenker, Chairman and CEO of Hargray. “This acquisition is an exciting event for Hargray. The combined operations will also benefit from their ownership by Quadrangle and its extensive experience, knowledge and relationships across the media and communications industries.”
About Smart City
Headquartered in Las Vegas, Nev., Smart City is the nation’s largest telecommunications company to the convention center industry. The company provides its voice, data and wireless services in 60 major convention centers to over 5,500 trade shows and events each year. For more information, please visit www.smartcity.com.
About Hargray Communications Group
Headquartered in Hilton Head Island, S.C., Hargray is a quadruple-play provider of state-of-the-art telecommunications and related services. The company’s service offerings include traditional telephone services, wireless services, high-speed Internet, and cable and IP television. The company also has a telephone directory publishing operation. Hargray is owned by an affiliate of Quadrangle Group. For more information, please visit www.hargray.com.
About Quadrangle Group
Quadrangle Group LLC is a private investment firm with more than $6 billion of assets under management. Quadrangle invests in media and communications companies through separate private and public investment strategies and across all asset classes through its asset management business. All investment strategies seek to maximize value by leveraging the investment team’s extensive experience, knowledge and industry relationships. Quadrangle has offices in New York, London and Silicon Valley and will be opening an office later this year in Hong Kong. For more information, please visit www.quadranglegroup.com.