WAYNESBORO, Va.-Ntelos Inc. announced the closing of its acquisition by Affiliate of Citigroup Venture Capital Partners and Quadrangle Capital Partners.
The deal was for cash for all of Ntelos’ outstanding equity by an entity formed by Citigroup Venture Capital Equity Partners, L.P. and Quadrangle Capital Partners L.P., other than the equity already owned by such entity, and was structured as a merger in which Ntelos Inc. was the surviving corporation.
The carrier offers a range of wireless and wireline products and services to customers in Virginia and West Virginia and portions of Kentucky, Tennessee, Ohio and North Carolina.
Citigroup Venture Capital, manages $2.6 billion in private equity partnerships with major institutional investors, and its parent company, Citigroup. Quadrangle Group LLC, is a private investment firm based in New York City with more than $3.8 billion in assets under management.
