CHICAGO-Three-sixty Communications Corp. has agreed to acquire the cellular operations of Independent Cellular Network, giving Three-sixty interests in 20 more markets with a collective 3.2 million pops.
The new properties will increase Three-sixty’s net pops to 24.9 million.
ICN is owned by the wealthy Henry Crown family of Chicago. It operates under the brand WirelessOne Network, and provides service to more than 120,000 customers in the four-state region of Pennsylvania, Ohio, West Virginia and Kentucky.
The new sites fit into the clustering strategy of Chicago-based Three-sixty, since most markets adjoin properties already held by Three-sixty. The buy includes welltravelled interstate corridors.
The transaction involves $362 million in debt and 6.5 million shares of Three-sixty common stock. The debt includes $122 million of subordinated debt and about $240 million in senior debt.
A definitive agreement is pending; approval by the Three-sixty board of directors and the government also is needed. Three-sixty hopes to complete the deal this year.
ICN will continue to offer cellular service in Florida. Lester Crown, chairman of Henry Crown and Co., said the company hopes to continue to participate in the growing wireless industry.
