NEW YORK-One of the independent companies left out of the merger between Cellular Communications Inc. and AirTouch Communications Inc. is considering its options, including sale of the company.
Cellular Communications of Puerto Rico Inc. owns 10 markets in Puerto Rico and two markets in the Virgin Islands. The properties cover 3.2 million pops. As of Dec. 31, CCPR had 115,500 subscribers, representing a 3.4 percent penetration rate.
CCPR has hired New York-based Salomon Brothers to review its strategic options. CCPR may consider partnering opportunities through a business combination, an acquisition, sale of the operation or some type of similar transaction, the company said.
The company believes Puerto Rico serves as the U.S. gateway to the Caribbean region and Latin America.
CCPR is one of three companies that work closely with New York-based CCI, which is merging with AirTouch. AirTouch and CCI jointly own cellular properties in Michigan and Ohio. California-based AirTouch already owns 40 percent of CCI; it recently agreed to pay $1.65 billion to acquire the final 60 percent.
CCI’s staff has worked for CCPR as well as the two other independent companies, Cellular Communications International Inc. and International CableTel Inc.
CCPR owns the metropolitan statistical areas of San Juan/Caguas, Aguadilla, Mayaguez, Ponce and Arecibo. It owns the rural service areas of Rincon, Ciales, Vieques and Culebra, and owns 51 percent of the Adjuntas RSA, with an option until November to acquire the remaining 125,369 pops. Virgin Islands service areas owned by CCPR are St. Thomas/St. John and St. Croix.
