Kauai Island Utility Cooperative agrees to acquire Kauai Electric from Citizens Communications for $215 Million

STAMFORD, Conn., March 6, 2002 — Citizens Communications Co. announced today that it has entered into a definitive agreement to sell Kauai Electric to Kauai Island Utility Cooperative (KIUC) for $215 million.

The transaction, which is subject to regulatory approvals, is expected to close within 12 months. Kauai Electric provides electric transmission and distribution services to 31,000 customers on Kauai, Hawaii. The sale of Kauai Electric is part of Citizens’ announced plan to become a pure-play telecommunications company and to divest its utility operations. About Citizens Communications

Citizens Communications serves 2.5 million access lines in 24 states. Citizens owns 85 percent of Electric Lightwave, Inc., a facilities-based, integrated communications provider that offers a broad range of services to telecommunications-intensive businesses throughout the United States.


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