Windstream Holdings Inc. of Little Rock announced Monday that it had sold the legacy EarthLink consumer internet business for $330 million in cash to Trive Capital, a Dallas-based private equity firm.
Windstream acquired the business when it merged with EarthLink in February 2017 in an all-stock deal valued at about $1.1 billion, including debt.
"This transaction enables us to divest a non-core segment and focus exclusively on our two largest business units. In addition, it improves our credit profile and metrics in 2019 and beyond," Windstream President and CEO Tony Thomas said in a news release.
The legacy EarthLink consumer internet business offers internet access, online back-up, managed web design, web hosting and various email services to over 600,000 customers throughout the United States.
"We are excited to partner with and support the EarthLink management team in continuing to provide great products and services available to millions of households in the United States," Trive Managing Partner Conner Searcy said in the release. "We intend to provide additional resources and access to deep industry relationships to help grow the brand in the coming years."