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Asset Sales
9 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Asset Sales

Note 5. Asset Sales

Sale of Ohio Service Areas

On June 30, 2021, the Company entered into an Asset Purchase Agreement with Atlantic, whereby Atlantic agreed to acquire the Company’s Cleveland and Columbus, Ohio markets for approximately $1.125 billion. Refer to Note 1 – General Information for a discussion of the Company’s discontinued operations.

The transaction closed on September 1, 2021, as a result of which the Company received net proceeds of $1.1 billion and recorded a gain of $689.6 million. The gain is reported within discontinued operations in the condensed consolidated statement of operations for the period ending September 30, 2021.

As of September 30, 2021, the Company has utilized the net proceeds from the sale to repay approximately $1,087.0 million of its Term B loans and $9.3 million to buyout specific finance lease agreements.

In connection with the closing of the Atlantic Purchase Agreement, the Company and Atlantic entered into a one year Transition Services Agreement (“TSA”) in which the Company will provide certain transition services to Atlantic. The services to be provided under the TSA relate primarily to information technology, network, sales and business support services.