Roberts brothers cash in big on Alamosa deal: sale provides revenue to purchase upscale hotels across the country.Siblings Michael Roberts Sr. and Steven Roberts Sr., owners of Roberts Cos., based in St. Louis, netted more than $100 million on the sale of their shares in Alamosa Holdings Inc. the nation's largest Sprint PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. affiliate, in February. Initially, the brothers were among Alamosa's largest shareholders, arising out of a 2001 merger between Alamosa and Roberts Wireless Co. This merger yielded the Roberts brothers an 11% stake in publicly held Alamosa--or 11.4 million shares of stock worth more than $380 million at the time. After five years of gradually liquidating portions of their holdings, the Roberts brothers sold the balance of their shares at $18.75, owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de a friendly takeover Friendly takeover Merger when the target firm's management and board of directors is in favor of the takeover. Antithesis of hostile takeover. friendly takeover by Sprint Nextel Sprint Nextel Corporation (NYSE: S) is one of the largest telecommunications companies in the world. With 55 million subscribers, Sprint Nextel operates the third largest wireless telecommunications network in the United States (based on total wireless customers), behind . The total proceeds--roughly $112.5 million--will allow the family-owned business "to make even more opportunistic deals," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Michael Roberts Sr., chairman and chief executive of the company. "My brother and I plan to increase the value of our family assets to more than a billion dollars by 2008." Roberts says funds acquired from the sale have been used to purchase upscale hotels across the country, including the first African American-owned luxury hotel and conference center in Atlanta, the Crowne Plaza This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. Marietta/Atlanta, which they purchased and renovated for $9.1 million. "In selling our wireless phone company, my brother and I are expanding our financial interests to include the hospitality industry," Roberts says. Due to recent forays into the industry by black businessmen such as former BET kingpin Bob Johnson Bob Johnson may refer to:
Roberts says hotels were recently purchased in St. Louis; Tampa, Florida; and Houston in private/franchise deals. They will be managed separately from all of their other business interests. "We also want to continue to grow our existing business entities," Roberts says, including their urban shopping centers, television stations, and Bahamas real estate investments. The Roberts Cos. is a multifaceted enterprise containing a myriad of entrepreneurial endeavors, including a group office hotels and conference centers, urban shopping centers, office buildings, residential developments, a management consulting firm, America's eighth largest broadcast and telecommunications tower company, and an aviation company. |
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