PriCellular group to acquire Palmer
Price Communications Corp. reached an agreement to acquire Palmer Wireless Inc. for an aggregate purchase price of $880 million, including debt repayment.
The agreement, which is subject to Federal Communications Commission and other regulatory approvals, is expected to close during the fourth quarter. Goldman, Sachs & Co. advised Palmer during the transaction.
Headquartered in Ft. Meyers, Fla., Palmer owns and operates 18 cellular telephone systems in Florida, Alabama, Georgia and South Carolina. The company estimates its networks cover 3.9 million people, with more than 320,000 subscribers. All of Palmer’s systems are part of the North American Cellular Network and are Cellular One affiliates.
“Since our initial public offering in March 1995, we have significantly increased the size and scope of our operations, and have strived to maximize value to our shareholders,” said William Ryan, president and chief executive officer of Palmer. “Price Communications is an outstanding company and we are pleased that it has recognized the value of our markets, operations and employees.”
Palmer ranked 17th on RCR’s Top 20 Cellular Carriers list, with 279,816 subscribers and 17 markets.
