Vectren to Sell Sigecom Stake
Energy holding company Vectren (VVC) said Monday it agreed to sell its remaining stake in Sigecom, an Evansville, Ind., cable television, high-speed Internet, and telephone services provider.
Vectren sold the stake to WideOpenWest, a telecommunications company serving Illinois, Indiana, Michigan and Ohio, for an undisclosed sum.
Vectren expects the transaction to close in the fourth quarter. It said that its portion of the sale should approximate the book value of its telecommunications investment.
"This decision is consistent with our previous discussions of narrowing our nonutility portfolio and provides us the opportunity to redeploy capital into our core businesses," the company said. "Further, WideOpenWest's track record of outstanding customer service closely aligns with Sigecom's operating philosophy."
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