CenturyTel Completes Sale of Wireless Operations.Business Editors/Technology Writers MONROE, La.--(BUSINESS WIRE)--Aug. 1, 2002 CenturyTel (NYSE NYSE See: New York Stock Exchange : CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic ) completed the sale of its wireless business today to ALLTEL (NYSE: AT), further positioning CenturyTel for growth in its local exchange telephone business. CenturyTel agreed March 19, 2002, to sell its wireless operations to ALLTEL for $1.65 billion in cash. CenturyTel previously provided wireless services in Arkansas, Louisiana, Michigan, Mississippi, Texas and Wisconsin. CenturyTel remains a local telephone, long distance, Internet and DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary provider in these states. CenturyTel will receive $1.57 billion in proceeds from this transaction, which excludes one minority-owned market in which there is a cross-ownership issue. CenturyTel has also received approximately $11 million in proceeds from the sale of wireless interests to parties other than ALLTEL. Wireless contracts will be automatically transferred to ALLTEL. Although ALLTEL begins operating the wireless business today, it will use and bill customers under the CenturyTel name until ALLTEL completes a network and billing conversion later this year. "Today we close a successful chapter in CenturyTel's history," said Glen F. Post, III, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CenturyTel. "Now we enter a new era as one of the leading pure play rural local exchange providers in the country." CenturyTel completed the acquisition of about 300,000 telephone lines from Verizon in Alabama on July 1. The company expects to complete the acquisition of about 360,000 telephone lines from Verizon in Missouri on August 31. After the Missouri transaction is completed, CenturyTel will serve approximately 2.5 million access lines. CenturyTel, Inc. provides communications services including local exchange, long distance, Internet access See how to access the Internet. and data services to customers in 22 states. The company, headquartered in Monroe, Louisiana The city of Monroe is the parish seat of Ouachita Parish, in the US state of Louisiana. [1] [2] It is the principal city of the Monroe, Louisiana Metropolitan Statistical Area (pop. , is publicly traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CTL. CenturyTel is the 8th largest local exchange telephone company, based on access lines, in the United States. Visit CenturyTel's corporate Web site at www.centurytel.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion