This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

EdR Purchases Minority Interest In Elauwit Networks

EdR (NYSE:EDR), a leader in the ownership, development and management of collegiate housing, announced it was providing additional details on its previously communicated purchase of a 10% interest in Elauwit Networks — an industry-leading provider of Internet access, high-definition video and telephone service. While the initial investment for this minority interest was nominal for EdR, it provides a variety of potential benefits including reduced network operating costs along with opportunities to create innovative enhancements and generate ancillary income.

“Our equity investment in Elauwit will secure reliable and superior technology services for the No. 1 amenity desired by our residents, whose internet and bandwidth consumption grows every day,” said Christine J. Richards, EdR’s senior vice president and chief operating officer. “We are also excited about potential cost reductions, the creation of innovative enhancements and ancillary income opportunities through this partnership.”

Elauwit Networks has been in the broadband and network service business since 1989 but has shifted its primary focus to the student housing industry for the last three years. During this time, Elauwit has established itself as one of the most reliable service providers with strong customer and revenue growth. Besides EdR, the company currently serves communities owned by American Campus Communities (NYSE: ACC), Landmark Properties, Campus Crest Communities (NYSE: CCG) and Preiss Properties, among many others. It has forecasted student housing customer growth of 90 properties by the end of 2014.

“We welcome EdR to the Elauwit team,” said Barry Rubens, Elauwit’s chief executive officer. “Their robust communities, years of collegiate housing experience and push for excellent and innovative services will spur and aid our quest to continually improve and create cutting-edge products, services and ancillary opportunities for EdR and the collegiate housing industry as well.”

“The vertical integration between Elauwit’s and EdR’s technical and operational teams is designed to create an effortless exchange of data and user feedback to accelerate the development of new products and services,” said Scott P. Casey, EdR’s chief technology officer, who will work with Rubens as a board member and as co-chairman of a committee specifically created to support this partnership and business development initiative.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs