SAN ANTONIO, Texas-SBC Communications Inc. completed its acquisition of Cellular Communications of Puerto Rico Inc. following approval of regulatory agencies, announced SBC.
The company will continue operating under the Cellular One brand name in the license area, which includes Puerto Rico and the U.S. Virgin Islands. SBC said it acquired CCPR in a transaction valued at $814 million, or $29.50 per share.
Under terms of a separate transaction, SBC would retain management control of the property but sell half ownership of CCPR to Telefonos de Mexico S.A. de C.V. The transfer is awaiting approval by the Federal Communications Commission, said SBC.
