ABOUT US | SERVICES | SUBSCRIPTIONS | LOGIN | SIGNUP
SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community
MARKETS » MOBILE Commerce HTML5 WebRTC
HOT TOPICS » VIDEO MANAGED SERVICES WEARABLE TECH WORLD NETWORK MANAGEMENT

TMC NEWS

TMCNET eNEWSLETTER SIGNUP

SUBMIT
GLENTEL acquires 100% stake in Automotive Technologies (Wireless Zone)
[December 03, 2012]

GLENTEL acquires 100% stake in Automotive Technologies (Wireless Zone)

Dec 03, 2012 (Datamonitor Financial Deals Tracker via COMTEX) -- GLENTEL, Inc. through its wholly-owned subsidiary GLENTEL (USA), Inc., has acquired 100% stake in Automotive Technologies, Inc. (doing business as Wireless Zone), an operator of chain of retail stores that sell various wireless products and services, for $83.3 million. GLENTEL (USA) and Automotive Technologies are US-based companies.

GLENTEL is a Canada-based provider of telecommunications services and solutions.

GLENTEL has funded the acquisition through $22.3 million of cash and a $61 million 5-year syndicated senior credit facility.


Announcement (November 27, 2012): GLENTEL has entered into a binding agreement to acquire 100% stake in Automotive Technologies.

The total purchase price for 100% stock of Automotive Technologies and other consideration is $83.3 million. The purchase price will be funded by GLENTEL's cash, short-term investments, and committed bank debt.

Canaccord Genuity is acting as financial advisor to Automotive Technologies. The transaction is expected to complete in the December 2012.

Deal Value (US$ Million) 83.3 Deal Type Acquisition Sub-Category 100% Acquisition Deal Status Completed: 2012-11-30 Deal Participants Target (Company) Automotive Technologies, Inc. (doing business as Wireless Zone) Acquirer (Company) GLENTEL (USA), Inc.

Deal Rationale According to GLENTEL, the acquisition provides it with good concentration of stores in the eastern US states, where more than 65% of the population is situated, and will allow it to accelerate its growth nationally representing Verizon Wireless.

[ Back To TMCnet.com's Homepage ]


Upcoming Events



LATEST VIDEOS

DOWNLOAD CENTER

UPCOMING WEBINARS

MOST POPULAR STORIES





Technology Marketing Corporation

800 Connecticut Ave, 1st Floor East, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

IMPORTANT

SUBSCRIPTIONS


Subscribe to our FREE eNewsletters
SUBMIT

STAY CURRENT YOUR WAY

© 2013 Technology Marketing Corporation. All rights reserved.