Primus Telecommunications Group, Inc. (PTGI) announced that it has entered into a definitive agreement to sell its North American retail telecommunications operations in the United States and Canada to affiliates of York Capital Management, for about US$129 million.
The transaction will require Primus Telecommunications stockholder approval and regulatory approvals, and is subject to customary closing conditions. The transaction is currently expected to close by the third quarter of 2013, with the exception of the closing of the sale of its PTI subsidiary which is expected to occur subsequent to the third quarter. The transaction is not subject to a financing condition.
Primus Telecommunications' retail telecommunications operations in Canada provides international and domestic long-distance voice, local, broadband, Ethernet, hosted-VoIP and wireless services to SMEs, residential customers and government agencies. In the United States, Primus Telecommunications provides international and domestic voice, data, business-class broadband, hosted IP-PBX, SIP trunking and VoIP services to SMEs and residential customers, and sales personnel offer business customers voice, data and hosted IP-PBX services.
The transaction was approved by the Primus Telecommunications Board of Directors and the Special Committee of the Board of Directors.
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