FOSTER CITY, Calif.-Century Telephone Enterprises Inc. said it agreed to sell its Alaskan assets to financial investor Fox Paine & Co. L.L.C. and a management team led by Charles E. Robinson for $415 million in cash.
The pact includes Century Telephone’s local exchange, cellular, personal communications services and Internet service businesses in Alaska. The company owns cellular licenses covering Fairbanks, Juneau and Ketchikan, and PCS licenses covering Anchorage, Fairbanks and Juneau.
Fox Paine is the manager of a $500 million investment fund focused on investing equity capital in growth-oriented management buyouts, start-ups and restructurings, said the company.
Robinson, who has more than 40 years experience in Alaskan telecommunications, will serve as chairman and chief executive officer of the Alaska Telephone Co. He served as chairman, president and CEO of Pacific Telecom Inc., which was sold to Century in December.
The transaction is subject to regulatory approvals. The Chase Manhattan Corp. has committed to providing the debt financing necessary to complete the transaction, said Fox Paine.
