Sunday, May 12, 2013

Primus Telecom Sells North American Retail Operations for $129M

Primus Telecommunications Group agreed to sell its North American retail telecommunications operations to affiliates of York Capital Management, for approximately US$129 million.

PTGi's retail telecommunications operations in Canada provides international and domestic long-distance voice, local, broadband, Ethernet, hosted-VoIP and wireless services to SMEs, residential customers and government agencies. In the United States, PTGi provides international and domestic voice, data, business-class broadband, hosted IP-PBX, SIP trunking and VoIP services to SMEs and residential customers, and sales personnel offer business customers voice, data and hosted IP-PBX services.

Neil S. Subin, Chairman, stated, "This transaction represents a meaningful outcome of the board's strategic process. The Board is considering alternatives for the deployment of the proceeds from this sale." 

PTGi (Primus Telecommunications Group, Incorporated), which is based in McLean, Virginia, owns and operates its own global network of next-generation IP soft switches, and media gateways. Founded in 1994, PTGi is headquartered in McLean, Virginia.