These are the first transactions consummated under a 10-year agreement recently reached between the companies. The pact calls for US OnLine to become Grande's exclusive partner in obtaining right-of-entry and marketing agreements with apartment complex owners.
US OnLine, a subsidiary of Austin-based USOL Holdings Inc., provides a range of telecommunications services including cable television and telephone and Internet connections to resident of multifamily dwellings. Grande, based in San Marcos, TX, is building a high-speed communications network in the corridor.
Under their agreement, US OnLine will manage the relationship in marketing Grande's services to tenants once entry rights are structured with apartment complex owners. US OnLine also has taken over management of Grande's 8,000-unit multi-tenant portfolio. Grande is to pay US OnLine $8.6 million for selected assets and rights-of-entry by Sept. 30.
"This is a very significant and strategically important relationship that allows both businesses to focus on their strongest skill sets and maximize their revenue-generating opportunities," Jim Livingston, CEO and president of USOL, said in a prepared statement.
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