Council approves last-minute deal for Burlington Telecom
BURLINGTON, Vt. (AP) — City Council members in Burlington, Vermont, have accepted a hybrid of bids for a buyer for the ailing Burlington Telecom utility, following a failed joint venture proposal.
The council approved the proposal early Tuesday. It chose Schurz Communications and ZRF Partners in the $30.8 million deal. Schurz would be the controlling partner.
The two companies had flipped a previous bid.
The Toronto-based telecom company Ting and Keep Burlington Telecom Local, a co-op, were the two finalists that couldn’t reach an agreement earlier this month. They were invited to submit new bids.
The city has to sell Burlington Telecom as part of a settlement with Citibank and a local investor.