Verizon Wireless, a joint venture of Verizon Communications (VZ) and Vodafone (VOD) (VOD.L), announced that it has entered into an agreement to acquire the Alexandria, Minnesota-based Rural Cellular Corp. (RCCC) for about $2.67 billion in cash and assumed debt.Under this deal holders of Rural Cellular's common stock will receive $45 per share in cash for a total equity price of $757 million on a fully diluted basis.Verizon Wireless noted that this $45 price per share represents a 16% premium to Rural Cellular's average closing price over the last 10 trading days and a 41% premium to the last closing price of $31.88 on July 27, 2007.Verizon Wireless noted that this combination will increase its coverage by 4.7 million licensed POPs and increase its customer base by more than 700,000.Verizon Wireless said it expects to realize more than $1 billion in synergies in reduced roaming and operations expenses. This transaction is expected to close in the first half of 2008.
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