NEW YORK—Verizon Communications has agreed to sell its TSI Telecommunications Services subsidiary to GTCR Golder Rauner, a private equity investment firm, for approximately US$800 million. The deal is expected to close early next year.
TSI, which provides transaction-based call processing, technical interoperability and network services enabling business transactions between wireless telecom carriers, has around 800 employees, mostly in its Tampa, Florida, United States, headquarters.
“TSI has been funding its own growth for some time now, but its potential to attract investment dollars is greater with another owner,” said Tom Bartlett, president of Verizon Global Solutions. “The decision to divest TSI was driven by Verizon’s need to remain sharply focused on residential and business services.”
Verizon said it will use proceeds from the sale for high-growth opportunities and general corporate purposes.
GTCR also announced Ed Evans, who will resign his position as president and chief operating officer (COO) at Dobson Communications, will become chief executive officer of TSI.
Following Evans’ departure in January, Doug Stephens, currently regional vice president and general manager of Dobson’s central region, will serve as interim COO of Dobson.
“The implementation of our growth strategy will not be altered by this change, and we expect another year of record revenues and operating profit in 2002,” said Everett Dobson, chairman and CEO of Dobson Communications.
