Monday, January 21, 2008

SureWest Sells its Wireless Assets to Verizon Wireless

Verizon Wireless agreed to acquire SureWest Communications' wireless assets in northern California, operating as SureWest Wireless, for $69.0 million. The purchase includes SureWest Wireless' spectrum licenses, and network and operations assets in the greater Sacramento area. The licenses, which cover a population of 3.8 million people and overlap with areas currently served by Verizon Wireless, will expand the company's capacity in that area. Verizon Wireless plans to begin serving SureWest Wireless' more than 50,000 customers when the deal is finalized. The companies expect the transaction to close in the second quarter of 2008 , subject to federal regulatory approvals.

Steve Oldham, SureWest's CEO, said, "Over the past two years, we have made great strides in transforming SureWest into a full-service integrated communications company focused on offering advanced telephone, Internet and television services over a superior IP-based fiber-to-the-home broadband network that provides the most outstanding customer experience possible. The sale of the Wireless assets is another important step in this transformation and will enhance our financial flexibility in supporting the extension of our triple-play offerings to a broader service area."http://www.verizonwireless.com

  • In December 2007, SureWest agreed to acquire Everest Broadband in a transaction that will more than double SureWest's triple-play residential subscriber base.

  • In 2007, SureWest sold its Directory Publishing business to GateHouse Media for $110 million.

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