Verizon Wireless Acquires Stake
In Northern California, Nevada Partnership
From Centennial Communications
November 21, 2000
November 21, 2000
Verizon Wireless today announced it has acquired the remaining stake in the Sacramento Valley Limited Partnership, which provides wireless communications services in portions of Northern California and Nevada under the Verizon Wireless brand.
The company will pay Centennial Communications Corp. approximately $236 million in cash for Centennial's 23.47 percent interest in the partnership, representing approximately 865,000 net POPs or population served.
Major markets served by the partnership include Sacramento, Stockton, Modesto, Chico, Redding, and Yuba City, California, RSA's # 8 and 10 in California, and Reno, Nevada. Total POPS served are approximately 3.8 million. Verizon Wireless now owns 100 percent of the business, which is part of its Northern California/Nevada Region operations.
About Verizon Wireless
Verizon Wireless is the largest wireless communications provider in the U.S. with more than 25 million wireless voice and data customers and nearly 3.5 million paging customers. The new coast-to-coast wireless provider was formed by the combination of the U.S. wireless businesses of Bell Atlantic Corp. and GTE Corp - now Verizon Communications (NYSE:VZ) -- and Vodafone (LSE:VOD; NYSE:VOD). The new company includes the assets of Bell Atlantic Mobile, AirTouch Cellular, GTE Wireless, PrimeCo Personal Communications and AirTouch Paging. The new company has a footprint covering nearly 90 percent of the U.S. population, 49 of the top 50 and 96 of the top 100 U.S. markets. Verizon Wireless, headquartered in New York City and Bedminster, NJ, is 30,000 employees strong. Reporters and editors can find more information about the company on the Web at http://www.verizonwireless.com.