Deal expected for cellular phone carrier: 360 Communications seen getting Alltel bid
Article Abstract:
Alltel was nearing a deal to acquire wireless telephone carrier 360 Communications for more than $4 billion in stock, according to executives close to both companies. The transaction, which could be announced as early as Mar 16, 1998, would significantly widen Alltel's market position. Little Rock, AR-based Alltel is among the numerous telecommunications companies that seek to offer a complete package of communications services. Alltel's combined wireless and standard telephone operations presently reach some 2.5 million customers in 14 states, primarily in the Southeast and Midwest. 360's approximately 2.6 million cellular customers are largely concentrated in the Southeast and mid-Atlantic region. Reports differ on negotiations of the acquisition's financial terms. News services said Alltel reportedly was discussing more than $40 a share, or a total of more than $4.8 billion, but insiders said the share prices were 'substantially below' $40 a share.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Alltel to buy big carrier of cellular calls
Article Abstract:
Alltel said it acquired cellular telephone carrier 360 Communications for more than $4 billion in stock. The accord would position Alltel as a key wireless telephone player throughout the Southeastern and mid-Atlantic states. Financial terms call for Alltel to exchange 0.74 of a share for each share of 360, as well as assume 360's debt of approximately $1.8 billion. Alltel, an independent local telephone company, paid significantly less than the reported $4.8 billion deal in negotiations last week. The new company's annual revenue would total around $4.5 billion, and its service would reach some 5.6 million customers in 22 states. Wireless phones would account for nearly two-thirds of the company's business. Alltel Chmn Joe T. Ford would remain chmn of the new company, and 360 CEO Dennis E. Foster would become vice chmn of Alltel.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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AT&T buying Vanguard to extend reach
Article Abstract:
Vanguard Cellular Systems Inc. will be acquired by AT&T Corporation for about $900 million in stock and cash as part of AT&T's strategy to expand its wireless services in the Northeast. Industry analysts have said that AT&T's latest acquisition will allow it to offer customers a simplified rate structure that also will save the company money. The shareholders of Vanguard Cellular Systems Inc., which operates in the region under the name Cellular One, still must approve the terms of the proposed merger.
Comment:
Will acquire Vanguard Cellular Systems for $900 mil in stock and cash, as it expands wireless services in Northeast
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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