Telecom companies sold
Alabama-based telecommunications company Otelco Inc. announced today it will buy New Jersey-based Country Road Communications LLC, parent company of Pine Tree Networks, which is based in New Gloucester.
Otelco will acquire 100% of the outstanding capital stock of Country Road and its subsidiaries, Pine Tree Holdings Inc., Granby Holdings Inc. and War Holdings Inc. in Maine, Massachusetts and West Virginia, respectively, for $101.3 million, according to a press release from Otelco. The take over, which is expected to close in the fourth quarter of 2008, would add 23,000 rural local lines, 6,000 retail lines and 82,000 wholesale lines to Otelco's network in those three states. Pine Tree offers phone and internet service to residential and business customers in the Greater Portland and Lewiston-Auburn areas. Otelco already owns Mid-Maine Communications in Bangor.
In related news, Verizon Wireless has completed its $2.66 billion purchase of Minnesota-based Rural Cellular Corp., which operates Unicel in Maine, according to a press release from Verizon. Verizon today will begin serving Rural Cellular's customers in Maine and about a dozen other states across the country. Verizon first announced the acquisition in July 2007.
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