ENGLEWOOD, Colo.-CommNet Cellular Inc. announced it has closed the merger with AV Acquisition Corp., an affiliate of The Blackstone Group’s Blackstone Capital Partners II Merchant Banking Fund L.P.
AV purchased an 87-percent interest in CommNet for about $142 million of new equity. The transaction is valued at approximately $718 million, CommNet said.
CommNet shareholders can elect to receive $36 cash per share for each of their shares or retain their existing CommNet common stock.
