Verizon Wireless, owned by Verizon (VZ) and Vodafone (VOD), bought Rural Cellular (RCCC) for $45 share and assumed the small company’s debt. RCCC has 716,000 customers.
Verizon saved the Rural Cellular shareholders from a fate worse than death. The price is 41% over RCCC’s closing price last Friday. The stock had fallen from $46 to $31 over the last month.
Verizon Wireless expects to realize more than $1 billion in synergies in reduced roaming and operations expenses.
Not a bad deal.
Douglas A. McIntyre
Veri
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