DALLAS-ProNet Inc. announced it has signed a letter of intent to purchase all of the outstanding capital stock of Georgialina Communications Co. and affiliates for about $11.6 million.
The company also signed a letter of intent to purchase substantially all of the assets of Oklahoma-based Ventures in Paging for about $6.1 million.
The purchase of Georgialina will add more than 27,000 paging subscribers to ProNet’s existing subscriber base, while the purchase of Ventures in Paging will add 39,000, ProNet said.
“Georgialina, which will be integrated into our Charlotte SuperCenter, will further strengthen our growing presence in the Southeast by building upon our retail base in secondary markets,” said Jackie Kimzey, ProNet chairman and chief executive officer. “Their distribution strategy is very similar to that of Page One, which we acquired at the first of the year.”
The transactions are pending Federal Communications Commission and other third-party approvals and are expected to close in the third quarter.
ProNet also reported that it has filed an offering of 4 million shares and $100 million of notes with the Securities and Exchange Commission. ProNet said 3.2 million shares would be offered in the United States and Canada by underwriters Lehman Brothers, Donaldson, Lufkin & Jenrette Securities Corp., Goldman, Sachs & Co. and J.P. Morgan & Co.
