NEW YORK-Price Communications Corp. reported the sale of its wireless assets to Verizon Wireless Inc. is complete. In exchange for its sixteen licenses covering approximately 3.4 million potential customers in Florida, Alabama, Georgia and South Carolina, Price received a preferred limited partnership interest in a new partnership controlled by Verizon Wireless. Price noted its interest, which is valued at approximately $1.7 billion, would later be exchangeable into the common stock of Verizon Wireless after an initial public offering or the common stock of Verizon Communications Inc. in four years if an IPO has not occurred.
Price completes assets sales to Verizon Wireless
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