Pamlico Capital and Clarity Telecom are acquiring broadband assets in South Dakota from Wow! Internet Cable & Phone in a deal valued at  $262 million, Pamlico announced June 12.

Pamlico initially partnered with Clarity CEO Jim Gleason and his management team in 2003 to build NewWave Communications, a rural broadband company that grew to serve 160,000 subscribers.  Pamlico exited the company after selling part of it to Time Warner Cable in 2011 and part to Rural Broadband Investments in 2013. Later, Pamlico partnered with Gleason and his team to create Clarity Telecom to pursue rural broadband investments.  

Charlotte, North Carolina-based Pamlico made the deal through Pamlico Capital III, a $650 million fund. The firm has invested more than $2.5 billion.

K&L Gates LLP provided legal advice to Pamlico and Clarity. GE Capital and SunTrust Robinson Humphrey Inc. committed debt financing for the deal.

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