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Entries from February 1, 2010 - February 28, 2010

Sunday
Feb282010
DateSunday, February 28, 2010 at 12:14PM

MOBILE WIRELESS DEALS: Corr Wireless

Cellular South Completes Acquisition

On February 3, 2010, Ridgeland, Miss.-based Cellular South announced it has completed its acquisition of Alabama-based Corr Wireless for an undisclosed sum.  The deal was first announced on October 17, 2009 (The Deal Advisor, 11/09, pg.14). 

Corr Wireless is a regional wireless carrier whose service area covers a population of more than 1.3m people in 18 counties, including the cities of Huntsville, Madison, Decatur and Gadsden, Alabama, and Rome, Georgia.  The company provides both retail and wholesale wireless services and has approximately 130 employees and 19 company owned stores.

Cellular South claims to be the nation’s largest privately held wireless provider, with approximately 950 employees and 75 retail locations.  Along with its purchase of 700 MHz spectrum in 2008, the Corr Wireless acquisition will help the company’s expansion into Alabama.  Cellular South plans to use the 700 MHz spectrum to deploy a Long Term Evolution (LTE) network. 

For now, Corr Wireless will continue to offer wireless products and services under its existing name.

AuthorMatt Lydon | CommentPost a Comment | | | Print ArticlePrint Article
Friday
Feb262010
DateFriday, February 26, 2010 at 2:58AM

Oregon PUC Approves Frontier's Acquisition of Verizon Wirelines 

Source: Frontier Press Release

Frontier Communications Corporation (NYSE:FTR) reported that its pending acquisition of Verizon Communications' (NYSE:VZ) local wireline operations in Oregon has been unanimously approved by the Oregon Public Utility Commission. Frontier has also received all necessary approvals from authorities in Oregon that are required to transfer control of local cable TV franchises from Verizon to Frontier, subject to meeting certain conditions of such approvals.

Oregon is the sixth state to approve the transaction. The Arizona Corporation Commission unanimously approved the transaction on February 18, 2010. Previously, the transaction was unanimously approved by the Public Utilities Commission of Ohio, the Public Utilities Commission of Nevada, the Public Service Commission of South Carolina and the California Public Utilities Commission.

On May 13, 2009, Frontier announced plans to acquire Verizon's local wireline operations serving residential and small-business customers in predominantly rural areas and small- to medium-sized towns and cities in 14 states.

Verizon has received a favorable ruling from the IRS regarding the tax consequences of its spin-off and merger with Frontier. The receipt of this ruling was one of the conditions to closing the transaction.

Regulators in three other states and the Federal Communications Commission also must approve the transaction or related transfers.

At the federal level, in the fall of 2009 the Federal Trade Commission and the U.S. Department of Justice granted the parties' request for early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

On October 27, 2009, Frontier's shareholders approved the transaction with Verizon.

The transaction is expected to close during the second quarter of 2010.

AuthorRyan Elberg | CommentPost a Comment | | | Print ArticlePrint Article
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Thursday
Feb252010
DateThursday, February 25, 2010 at 12:18PM

CenturyLink Increases Quarterly Cash Dividend

Source: CenturyLink Press Release

CenturyLink (CenturyTel, Inc.) (NYSE:CTL) has announced that its Board of Directors voted to declare a quarterly cash dividend of $.725 per share, representing a 3.6% increase over the previous $.70 per share quarterly dividend. The $.725 per share is payable on March 22, 2010 to shareholders of record on March 9, 2010.

"CenturyLink has a long history of increasing dividend payments to shareholders and we are pleased that our strong operating performance and solid credit profile enable us to announce this 3.6% dividend increase," said Glen F. Post, III, chief executive officer and president.

AuthorRyan Elberg | CommentPost a Comment | | | Print ArticlePrint Article
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Wednesday
Feb242010
DateWednesday, February 24, 2010 at 6:05AM

Enventis Partners with TEAM Companies to Offer Data Center Services

Source: HickoryTech Press Release

Enventis, a subsidiary of HickoryTech (Nasdaq:HTCO),recently partnered with TEAM Companies as a preferred telecommunications service provider in TEAM Companies’ new world-class data center located in the Des Moines, Iowa area.  The preferred partnership offers Enventis customers access to a world-class tier III data center with competitively priced Ethernet, MPLS, dedicated Internet services and other data services. 

“We are pleased to work with industry leaders like Enventis in providing turnkey global solutions in IT infrastructure,” said Mark Kittrell, co-founder and vice president of development at TEAM Companies, an emerging leader in next generation data center services in the Upper Midwest.  “Our commitment to that end, is what makes a partnership like the one with Enventis mutually rewarding.”

“We are excited to partner with TEAM and offer customers a complete hosted and managed communications solution,” said John Morton, president of HickoryTech’s Business Solutions Division. “Our expertise in developing a cost-effective network solution coupled with TEAM’s world-class data center for hosting offers customers all the benefits for a reliable outsourced data center solution.”

The TEAM data center facility, located in the Des Moines, area will be 46,000 square feet upon completion of all three phases of construction and will achieve a one-of-a-kind “fail safe” facility, built to protect vital information and virtually eliminate the chance of catastrophic failure. The building design includes retina scanners for personal identification, the ability to withstand an F4 tornado, 14-24 inch concrete and steel reinforced walls, a fire detection system that can identify a smoke molecule present at 1/100 of a percent, and multiple levels of redundancy and back up. 

AuthorRyan Elberg | CommentPost a Comment | | | Print ArticlePrint Article
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Wednesday
Feb242010
DateWednesday, February 24, 2010 at 4:53AM

Otelco Declares Distribution Payment to IDS Holders

Source: Otelco Press Release

Otelco (Nasdaq:OTT), a wireline telecommunication services provider in Alabama, Maine, Massachusetts, Missouri, New Hampshire and West Virginia, announced that its Board of Directors has declared a distribution of $0.42 per Income Deposit Security (each an "IDS"), which will be made on March 30, 2010 to holders of record at the close of business on March 15, 2010. The distribution represents the twenty-first consecutive quarterly distribution since the company completed its initial public offering in December 2004.

Each IDS is comprised of one share of Class A Common Stock and $7.50 principal amount of 13% senior subordinated notes due 2019.

The distribution consists of a dividend of $0.17625 per share of Class A common stock and an interest payment on the senior subordinated notes for the period from December 30, 2009 through March 29, 2010 of $0.24375 per note. Currently, it is anticipated that the Company's dividends will continue to be treated as a return of capital for shareholder tax purposes in 2010 as they were in 2008 and 2009.

AuthorRyan Elberg | CommentPost a Comment | | | Print ArticlePrint Article
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