SAN FRANCISCO-AirTouch Communications Inc. increased its ownership of Cellular Communications Inc. by about 20 percent, bringing its total ownership of the company to almost 32 percent on a fully diluted basis, or nearly 37 percent of the outstanding shares, the company announced.
The transaction is part of an arrangement agreed to in August 1991 when the companies formed a 50/50 joint venture that combined their Michigan and Ohio properties.
AirTouch agreed to pay $60 per share for approximately 10 million shares of Series C common stock, under the terms of the agreement negotiated in 1990. AirTouch also has the obligation, under certain circumstances, to purchase CCI stock options in January that represent up to roughly 2.4 million underlying shares at a price per share of $60.
