Telephone and Data Systems (NYSE:TDS) revealed it has agreed to buy "substantially all of the assets" of Baja Broadband, a cable company with its headquarters in New Mexico. The price of the acquisition is $267.5 million.

According to a press release issued by TDS announcing the move, Baja Broadband earned more than $82 million in revenue in 2012 and has a staff of 285 employees. It provides its services to residential and business customers in its native New Mexico, as well as Colorado, Texas, and Utah. As of the end of last year, it passed roughly 212,000 homes. Roughly 96% of its network is capable of transmitting high-speed broadband offerings.

TDS expects the acquisition to close in Q3 of this year, pending approval from the relevant regulatory authorities.

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