[December 13, 2017] |
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Rivada Networks Offers $25 Million for LA-RICS LTE Assets
Rivada Networks is offering $25 million to acquire the LTE (News - Alert) assets of the
Los Angeles Regional Interoperable Communications System (LA-RICS)-more
than double the $12 million offered by rival AT&T.
At a board meeting in Los Angeles on Dec. 14, LA-RICS is expected to
authorize its chairman to execute an "Asset Transfer Agreement" with
AT&T (News - Alert) for the acquisition of LA-RICS's public-safety LTE network. Rivada
Networks has already offered $25 million to acquire the same assets-more
than twice the cash value of the AT&T bid.
"Yet again, AT&T is shortchanging public safety with a low-ball offer
for LA-RICS's assets," Chairman and CEO Declan Ganley said. "Rivada's
bid to build a truly tatewide public-safety broadband network for all
of California went in last week, and it included a far more generous
offer for the LA-RICS network." Rivada will ask the LA-RICS board to
consider the two offers side-by-side, rather than rush to accept a
low-ball bid without competition.
"This $12 million offer to LA-RICS is just the latest demonstration that
without competition, public safety gets taken to the cleaners," Ganley
said. "Los Angeles deserves better, and California deserves better."
Rivada Networks is a leading designer, integrator and operator of
wireless, interoperable communications networks. Its patented technology
creates more efficient utilization of LTE networks, enabling both
mission-critical-reliability for First Responders and new business
models for commercial wireless services (i.e., wholesale,
machine-to-machine, Internet of Things, etc.). Rivada has formed a
consortium of leading companies to build and operate networks in the
U.S. and abroad.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171213006237/en/
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