TAMPA-FTS Group Inc. said it plans to spin off its FTS Wireless Inc. subsidiary into a new publicly traded company. The new company will include the Internet, retail and wholesale wireless operations of FTS Group.
Domestic and international business consulting, business development, and mergers and acquisition consulting activities will remain with FTS Group.
FTS Group said it will retain shares in the securities of FTS Wireless, outstanding indebtedness and corporate obligations and most of the company’s cash. Scott Gallagher will remain as chairman and chief executive officer of FTS Group and will serve as chairman of FTS Wireless.
“Separating the company into two distinct businesses will allow FTS Group to streamline its operations to do what it does best and FTS Wireless to pursue its pure mission as a diversified wireless company,” said Gallagher.
