Verizon Wireless pays out $2.67 billion for Rural Cellular plus $45 per share in cash

The latest news is that of Verizon Wireless who pays out $2.67 billion for Rural Cellular and with this deal, holders of Rural Cellular’s common stock will receive $45 per share in cash under this deal in cash. The sale price at the moment is 41% increase over the closing price which is $31.88 on Friday.

Giants Verizon Wireless have just agreed to acquire Rural Cellular who are a mobile telephone service provider who focus on rural areas in the US, Verizon Wireless will pay out in cash and assume Rural Cellular debt, at the moment Rural Cellular markets its service under the Unicel brand and serves around about 716,000 customers across 15 states in New England, Pacific Northwest, Plains states and the Southeast.

This acquisition will be very attractive for Verizon shareholders and this acquisition will expand Verizon’s coverage area by a population of 4.7 million. Verizon Wireless is expecting to close the deal in the first half of 2008.

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