Verizon sells TSI, exits carrier-to-carrier business
Verizon will shed its transaction and call-processing subsidiary, TSI, by selling it to GTCR Golder Rauner, a Chicago-based private equity firm, for about $800 million.
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Acquired in the acquisition of GTE in 1999, Tampa-based TSI is a leader in wireless call-processing services such as roaming, subscriber validation, call delivery and fraud management. The company operates one of the largest unaffiliated SS7 networks and provides clearinghouse and financial-settlement services as well as carrier access billing. It has about 800 employees.
Edward Evans, chief operating officer at Dobson Communications, will become CEO at TSI.
Verizon said it will use the money from the sale, expected to close in the first quarter of 2002, to fund “high-growth opportunities” while focusing on its residential and business services.
GTCR will manage TSI’s 260-plus carrier customers worldwide, including nine of the largest wireless carriers.
--Tim McElligott, senior editor
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© 2012 Penton Media Inc.
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