Verizon Wireless to acquire Rural Cellular Corp.
July 30th, 2007 Leave a comment Visited 21 times, 1 so far today
Verizon Wireless to acquire Rural Cellular Corp.
US based telecom company Verizon Wireless Inc. has announced that they are now acquiring Rural Cellular Corp.
Rural Cellular Corp. is involved in providing telecom services to rural areas in the U.S.
Verizon would be paying close to around US$2.67 billion in cash and assume the smaller carrier’s debt for this deal.
Rural Cellular serves around 716,000 customers in 15 states including New England, the Plains states, the Southeast and the Pacific Northwest.
Ivan Seidenberg, chairman and CEO of parent company Verizon Communications Inc. said in a statement that this acquisition would help them expand their presence in the rural markets.
He added: “This is an asset we had under surveillance for awhile.”
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July 30th, 2007 at 11:39 pm
Seidenburg probably had his eye on Rural Cellular because of the connection between the CEO’s of Verizon Wireless and Rural Cell, who know each other through the CTIA. (See article at Newsvisual: http://www.newsvisual.com/newsvisual/2007/07/verizonrural-ce.html ).