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Rural telecommunications provider and Sprint PCS affiliate Ntelos Inc., which emerged from bankruptcy protection in late 2003 under the control of its creditors, is reportedly the target of a $750 million buyout by a pair of investment firms, Quadrangle Capital Partners and Citigroup Venture Capital Ltd. Sources close to the potential deal, which was reported in the Wall Street Journal, said it could be completed within the next several weeks.
Ntelos, which was reportedly looking at a possible recapitalization plan late last year, posted $248.6 million in operating revenues and $26.5 million in net income for the first nine months of 2004.
