It just keeps going and going…
Verizon Wireless just got bigger. The carrier bought Price Communications Wireless for $2.06 billion, a deal that gives it 3.4 million POPs. In addition, the carrier gains additional coverage in 16 markets throughout Georgia, Alabama, South Carolina and Florida, as well as 500,000 additional customers.
The agreement allows Verizon Wireless to enhance its footprint and customer base from Atlanta, Ga., south to Jacksonville, Fla., east to Augusta, Ga., and further southeast to Savannah, Ga.
“This is a great strategic fit for us in the Southeast because it fills in parts of Georgia,” said a spokesman for Verizon Wireless.
As part of the deal, Verizon Wireless will assume $550 million of the company’s net debt and pay $1.5 billion in stock, which will be valued at the offering price for the upcoming IPO. Once the agreement is final, Price Communications, which operates under the Cellular One brand, will take on the Verizon Wireless brand.
In October, Verizon Wireless owners, Verizon and Vodafone, decided to defer the IPO because of the volatility of capital markets. If the IPO does not take place by September 30, 2001, the acquisition agreement could be terminated.
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