<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1O0JCQ_0viP2izm00" alt="https://img.particlenews.com/image.php?url=1O0JCQ_0viP2izm00" width="500" height="332" ></figure>State utility regulators are putting an indefinite hold on the proposed sale of York-based United Fiber &amp; Data, a deal valued at about $37.5 million, according to filings with the Pennsylvania Public Utility Commission.The PUC said it needs more time to complete its review of the deal, according to a Sept. 18 letter from the PUC to United Fiber &amp; Data CEO Chris Lodge.United Fiber &amp; Data, or UFD, agreed in June to sell most of its assets to Lightpath, a fiber optic firm jointly owned by New York-based cable company Altice USA and a specialty investment arm of Morgan Stanley.The deal requires regulatory approval to proceed.A spokesperson for Lightpath said the company would not comment until the deal closes.Efforts to reach Lodge have not been successful.Why is this happening: The PUC letter offered little explanation for the decision to extend its review indefinitely.The letter cited only a provision of state law that allows the PUC to take a range of actions “deemed appropriate to the public interest,” actions that include extending review periods.The commission previously had a Sept. 20 deadline for acting on the transaction. New York and Maryland state regulators have signed off on the deal, but approval is still pending in New Jersey and Virginia, according to PUC filings.Are there any questions: Yes.In August, the Pennsylvania PUC asked UFD and Lightpath for more information about the transaction, including information about the sale price, staffing, revenue and impact.Filed publicly with the PUC, the answers provide previously undisclosed details, including the transaction value of an estimated $37.5 million.UFD employs eight people in Pennsylvania and had revenue in the state last year of $546,092, or about 13% of its total sales, according to the filing. That would put total annual sales at around $4.2 million.Lightpath is expected to hire three UFD employees, while three will be let go following the transaction’s close. The latter three have “have financial incentives or severance tied to the sale of the business,” according to PUC filings.It is not clear what will happen to the other two.The filing describes the transaction as positive for Pennsylvania overall, as it will connect UFD facilities to Lightpath’s 20,000-mile fiber network in the Northeast.Lightpath plans to continue operating the UFD facilities, according to the filing.The background: UFD was founded by three former members of the rock band Live — Patrick Dahlheimer, Chad Gracey and Chad Taylor — and a business partner, Bill Hynes.Its chief asset is a 323-mile fiber line connecting New York City to data centers in Ashburn, Virginia.The largest owner of UFD is Louis Appell III, son of the late Louis Appell Jr., a York-area business leader who invested more than $20 million in the company.Appell III and UFD’s founders fought over control of the company in York County court but settled their differences in 2022.</div></body>

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$37.5M sale of York fiber optic company on hold

State utility regulators are putting an indefinite hold on the proposed sale of York-based United Fiber & Data, a deal valued at about $37.5 million, according to filings with the Pennsylvania Public Utility Commission. The PUC said it needs more time to complete its review of the deal, according to...