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BAP Acquisition Corp. to Acquire Bell Atlantic Paging
July 7, 1998
Cathy Spagnolo, BAP Acquisition Corp.
Bernardsville, NJ -- BAP Acquisition Corporation announced today it has
signed a definitive agreement to purchase the paging assets and operations
of Bell Atlantic Corporation (NYSE: BEL). Terms were not disclosed.
The transaction is expected to be completed by the end of the year.
Bell Atlantic has paging networks in New Jersey, Pennsylvania, Delaware,
Maryland, Virginia, West Virginia and the District of Columbia. Bell
Atlantic Paging, Bell Atlantic's marketing subsidiary for paging services
based in Parsippany, NJ, provides local, regional and national paging
services to 240,000 customers, primarily in the mid-Atlantic region.
BAP Acquisition, a Delaware corporation based in New Jersey, is a group
of industry professionals, led by John Adiletta, formed to capitalize on
corporate opportunities arising from the continued consolidation in the
paging industry. Bell Atlantic Paging will be the foundation for BAP
Acquisition's business in the mid-Atlantic region. Adiletta, who has 15
years experience in the paging industry, will head up the company once the
acquisition is completed.
"Bell Atlantic Paging is a high-quality, well-managed, premier paging
company, and an excellent platform for our overall strategic plan and our
operations in the mid-Atlantic," Adiletta said.
Bell Atlantic's cellular subsidiary, Bell Atlantic Mobile, has its own paging
customers through the resale of Bell Atlantic Paging's and other carriers'
services, and will continue to have a reseller relationship with the buyer
after the transaction is completed. "Paging is an important part of our
product mix, and we will continue to expand that offering for our
customers," said Dennis F. Strigl, Group President and CEO of Bell
Atlantic Global Wireless.