M/C Partners Announces Sale of Baja Broadband to Telephone and Data Systems Has Closed

  M/C Partners Announces Sale of Baja Broadband to Telephone and Data Systems
  Has Closed

Sale of Portfolio Company Demonstrates Firm's Vision in Cable and Fiber Space

Business Wire

BOSTON -- August 5, 2013

M/C Partners today announced the closing of the sale of the firm’s portfolio
company, Baja Broadband, LLC (“Baja”), a cable company headquartered in
Alamogordo, New Mexico, to Telephone and Data Systems, Inc. [NYSE: TDS]. The
base all-cash consideration for Baja was valued at the previously announced
$267.5 million. The transaction was first announced in February 2013.

“This successful transaction validates our premise of continued growth in
broadband demand,” said Lydia Jett, Vice President, M/C Partners. “We are
proud of the tremendous job the Baja management did in positioning the company
for this moment, and are pleased that TDS is acquiring Baja. We are confident
TDS will serve the communities and Baja’s employees well in the long term.”

M/C Partners co-led the acquisition of Baja, a full-service communications
company, providing video, high-speed broadband and voice services to
residential and commercial customers in Utah, Colorado, New Mexico, Texas, and
Arizona. M/C Partners invested a total of $27.2 million in Baja since 2006.
The firm recruited a new management team to turn around the asset, and led its
acquisition of US Cable, effectively doubling its footprint. M/C Partners was
also instrumental in corporate development, acquisition and divestiture
efforts in Baja. Baja has performed exceptionally, with annual EBITDA growth
of 22% for last four years.

RBC Capital Markets served as the exclusive M&A advisor to Baja Broadband.
Waller Capital Partners and RBC Capital Markets served as M&A advisors to M/C
Partners on the transaction. Edwards Wildman Palmer LLP served as legal
counsel to Baja.

About Telephone and Data Systems

Telephone and Data Systems, Inc. (TDS), a Fortune 500® company, provides
wireless; broadband, TV and voice; and hosted and managed services to
approximately 7 million customers in 36 states through its business units,
U.S. Cellular, TDS Telecom and TDS Hosted & Managed Services. Founded in 1969
and headquartered in Chicago, TDS employed 12,300 people as of Dec. 31, 2012.
Visit www.teldta.com for comprehensive financial information, including
earnings releases, quarterly and annual filings, shareholder information and

About Baja Broadband

Baja Broadband is a full-service communications company offering best-in-class
residential and commercial video, high-speed Internet, and voice services.
Baja is committed to being the leading provider of entertainment, information,
and communication services in the communities it serves. Baja owns and
operates broadband networks in communities within Colorado, New Mexico, Texas
and Utah. Visit www.bajabroadband.com for more information.

Baja is currently managed by Last Mile Communications, an international
management partnering and telecommunications consulting firm.
Visitlastmile.netfor more information.

About M/C Partners

M/C Partners is a private equity firm focused exclusively on the
communications, media, and information technology sectors. The firm has
invested over $1.5 billion into nearly 100 companies in those sectors.
Companies M/C has backed include Cavalier Telephone, Corelink, Fusepoint, GTS
Central Europe, ICG Communications, Legendary Pictures, Lightower, MetroPCS,
NuVox, Open Mobile, Seven Networks and Zayo Group. The firm has strong
institutional backing from the nation's leading pension funds and endowments
as well as a long track record of success. M/C Partners has offices in Boston,
San Francisco and London. For more information, visit www.mcpartners.com.


Technology PR Solutions
Neal Stein, 321-473-7407
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