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For the company's press release of the agreement reported below, see

Note that the company's cited financial adviser, Charlesmead Advisors, is the successor of Balhoff & Williams that had been engaged by the dissident shareholder Leeward Investments to analyze a recommended immediate sale of the company in 2009. For that report and the company response to it, both referenced in the 2010 Forum Summary of the program for shareholders of North State Telecommunications, see:

 

Source: The High Point Enterprise (North Carolina), December 24, 2012 article
Description: High Point Enterprise  
   

 

North State wireless sale

Dec. 24, 2012 @ 11:24 AM

Paul Johnson

HIGH POINT — North State Communications will receive an infusion of cash through a sale of its wireless operations to AT&T.

The High Point-based telecommunications company last week announced that it has agreed to sell its wireless operations to AT&T for $23.5 million. North State has provided wireless services through various joint venture arrangements with AT&T during the past 18 years.

“We built a strong wireless business,” said North State President and Chief Operating Officer Royster Tucker III. “The wireless sale demonstrates the value that our investments and efforts have produced, and will enable us to strengthen our broadband business and expand our data center operations.”

The wireless transaction, which is expected to close within the first half of 2013, is subject to closing conditions, including approval by the Federal Communications Commission. Charlesmead Advisors is acting as financial adviser to North State in the transaction, North State indicates.

The day after North State announced its wireless operations sale, AT&T reported that the FCC approved AT&T’s pending acquisition of NextWave Wireless.

AT&T says that the NextWave acquisition is part of a corporate effort to deploy mobile broadband service in the wireless communications services band. The most common use of wireless communication services spectrum is mobile voice and data services, including cell phone, text messaging and Internet.

AT&T reports it will pursue acquisitions that will give the company paths to “robust commercial” deployment of high-speed data transmission in the wireless communication services band. AT&T says it intends to deploy wireless communications services spectrum for added 4G LTE capacity in approximately three years.

pjohnson@hpe.com | 888-3528

 

© 2012 High Point Enterprise

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