Citizens Utilities acquires ALLTEL properties in West Virginia and Oregon.
This transfer is part of the definitive agreement announced in November 1994 for Citizens to purchase approximately 117,000 telephone and cable television lines in eight states from ALLTEL for an aggregate transaction value of approximately $292 million. The closings on the remaining ALLTEL properties are expected later in 1995 as necessary regulatory approvals are obtained. Citizens will incorporate the telephone properties into its existing Citizens Telecom operations.
When complete, the transaction will involve all of ALLTEL's local exchange properties in Arizona, California, Nevada, New Mexico, Oregon, Tennessee, Utah and West Virginia along with cable television franchises in areas of Arizona, California and New Mexico.
Dr. Leonard Tow, Citizens' chairman and chief executive officer, said "This acquisition fits Citizens' strategy of acquiring and operating telecommunications, natural gas distribution, electric distribution, and water and wastewater treatment businesses in small and medium-size communities that are experiencing above-average population and job growth.
"Our commitment to providing these communities with the most advanced technology, products and services is the key to superior growth in the telecommunications business. As more people migrate from urban America in search of a better quality of life for their families, they are moving to areas like those we serve."
Citizens Utilities (NYSE:CZNA, CZNB) is a diversified company providing telecommunications, natural gas distribution, electric distribution, and water or wastewater treatment services to 1.4 million customers in 18 states. Citizens also has a significant investment in Centennial Cellular Corp., a cellular telephone company, and owns and operates Electric Lightwave Inc., a competitive telecommunications services provider serving five major cities in the western United States. Citizens' operations will expand to 20 states upon completion of the ALLTEL transaction.
CONTACT: Citizens Utilities
Brigid M. Smith, 203/329-5042
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|Date:||Jun 30, 1995|
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