Centennial Communications Corp. plans to sell its Dominican Republic operations to Trilogy International Partners for about $80 million in cash. The transaction is expected to close in first-quarter 2007.
Centennial Dominicana operates an integrated wireless and broadband network, which served about 388,900 wireless subscribers as of Aug. 31. The business broke even this year, with about $11 million in income and expenses.
“This business has been a solid performer for Centennial during the last six years, and we continue to believe the Dominican Republic is an attractive and growing market,” said Michael Small, chief executive officer of Centennial. “Additional investment in this operation was not consistent with our renewed commitment to deleveraging, and we believe that monetizing our Dominican Republic asset at this time was the best alternative for our shareholders.”
