ATLANTA-Preferred Networks Inc. announced it reached a definitive agreement with an affiliate of Saratoga Partners, a New York-based merchant bank, to sell substantially all of the assets of its subsidiary, Preferred Technical Services Inc.
Saratoga Partners’ affiliate will pay about $5 million for PTS in a combination of $4 million in cash, with the balance of the purchase price to be paid in maintenance services on PNI’s paging networks.
The transaction is expected to close during the second quarter, said PNI.
