Though financial terms of the deal are not being disclosed, Gonzales-based telecommunications provider EATEL says it has reached an agreement to be acquired by Reserve Communications and Computer Corporation, or RTC, a wholly owned subsidiary of Reserve-based RTC Holdings LLC.
Terms call for RTC to acquire 100% of the outstanding membership interests of EATEL parent company EATELCORP LLC from its current owners, according this afternoon’s announcement.
The deal is expected to close in the first half of next year. When it does, the EATEL brand will live on but the company will be a wholly owned subsidiary of RTC.
The senior management teams of RTC and EATEL will be consolidated, with the combined operations headquartered in Gonzales. There are no plans to reduce staffing “at any level in either organization,” according to the announcement, and each entity will retain its local identity.
“EATEL has had an impressive growth and expansion of its service area and portfolio of products over the years,” says RTC CEO William Ironside in a prepared statement. “We are excited about the future and are confident that EATEL will continue to thrive under RTC’s ownership.”
Representatives from investment bank Charlesmead Advisors, which advised EATEL throughout the sales process, decline to comment on the acquisition.
Founded in 1935, RTC provides residential and commercial telecommunications products and services in portions of St. John the Baptist, St. James, and Lafourche parishes. EATEL was also founded in 1935, and has been family owned ever since.