Nelnet acquiring company that offers fiber optic service

Posted By: KLKN Newsroom

8@klkntv.com

LINCOLN, Neb. (AP)

Student loan company Nelnet is continuing to diversify into other businesses by buying a western Nebraska company that provides fiber optic service to homes and businesses.

Nelnet said Monday that it will pay $46.25 million to acquire 92.5 percent of Allo Communications. Allo’s managers will own the rest of the firm.

Nelnet CEO Jeff Noordhoek says he’s excited about the opportunities that will come with the acquisition.

Allo got started in 2003. It currently has high-speed fiber optic networks in Scottsbluff, Gering, Bridgeport, North Platte, Ogallala and Alliance. Allo generated $12.2 million revenue in 2014. This deal should give the company the resources needed to grow in Nebraska and surrounding states.