CHICAGO—Verizon Communications Inc. said Dec. 10 it has agreed to sell its wholly owned subsidiary, TSI Telecommunications Services Inc., to GTCR Golder Rauner L.L.C., Chicago a private equity firm, for $800 million.
Edward Evans, now president and chief operating officer of Dobson Communications, is to become chief executive officer of Tampa, Fla.-based TSI, which provides transaction-based call processing, technical interoperability and network services enabling business transactions between wireless carriers. TSI’s 260 carrier customers worldwide include nine of the 10 largest mobile operators in North America.
“TSI has been funding its own growth for some time now, but its potential to attract investment dollars is greater with another owner. The decision to divest TSI was driven by Verizon’s need to remain sharply focused on residential and business services,” said Tom Bartlett, president of Verizon Global Solutions.
Verizon said it will use proceeds of the sale to pursue “high growth opportunities and for general corporate purposes.”
