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CENTEL, UNITED STATES CELLULAR COMPLETE MULTI-MARKET TRADE

    CENTEL, UNITED STATES CELLULAR COMPLETE MULTI-MARKET TRADE
    CHICAGO, March 2 /PRNewswire/ -- Centel Corp. (NYSE: CNT) announced today that it has completed its previously announced exchange of cellular communications properties with United States Cellular Corp., a subsidiary of Telephone and Data Systems (AMEX: TDS).  The exchange includes both metropolitan markets and rural service areas.
    Centel exchanged its cellular franchises in two metropolitan serving areas, Gainesville, Fla., and Laredo, Texas, along with its minority investments in the Williamsport and Pennsylvania-8  markets where United States Cellular is the majority owner, to United States Cellular.  In return, Centel received United States Cellular's ownership in the North Carolina-11 and North Carolina-5 (Scotland County) rural service area markets, which are located south of Raleigh-Durham and between Fayetteville and Wilmington, as well as United States Cellular's minority interests in the Charleston, S.C., and South Bend, Ind., cellular franchises where Centel is the majority owner and operator.
    Centel had been the sole owner and operator of the Gainesville franchise.  United States Cellular operates in two rural service areas adjacent to the market.  In Laredo, where Centel had owned 89 percent of the franchise, United States Cellular operates in three nearby rural service areas.  United States Cellular is now the sole owner of the Williamsport and Pennsylvania-8 franchises.  Centel had held an 8 percent interest in the markets.  The total population equivalent traded to United States Cellular is 379,100 units, adjusted for percentage of ownership.
    The four market interests United States Cellular traded to Centel have a combined population of 384,400 adjusted for percentage of ownership.  The acquisition of United States Cellular's 23.3 percent interest in Charleston increased Centel's ownership to 75 percent of the franchise and the acquisition of United States Cellular's 7.4 percent interest in South Bend raised Centel's stake to nearly 85 percent in that market.  These two rural service areas, RSA-11 and the Scotland County portion of RSA-5 in North Carolina, are near Centel's metropolitan franchises in Raleigh-Durham, Fayetteville, Jacksonville and Wilmington, as well as other rural service areas operated by Centel. Centel is the largest cellular operator in North Carolina, providing service to more than 65 percent of the state's population.
    Overall, Centel now manages cellular franchises in 42 metropolitan markets and more than 50 rural service areas that serve nearly 18.8 million people.  The company also provides local exchange telephone service through 1.6 million access lines in seven states.
    -0-         3/2/92
    /CONTACT:  William K. White of Centel, 312-399-2735/
    (CNT TDS) CO:  Centel Corp.; United States Cellular Corp. ST:  Illinois, North Carolina IN:  TLS SU: SH -- NY073 -- 4100 03/02/92 15:33 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 2, 1992
Words:439
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