FORT MYERS, Fla.-Palmer Wireless Inc. said it signed a preliminary agreement to purchase the outstanding stock interests in Georgia Metronet Inc. and Augusta Metronet Inc. from GTE Mobile Communications Inc. for $160 million.
Georgia Metronet owns 97.8 percent interest in the Savannah Cellular L.P., which holds the cellular license for the Savannah, Ga., metropolitan statistical area. Augusta Metronet owns the cellular license for the Augusta MSA.
GTE is selling both properties because it was awarded a personal communications services license for the Atlanta major trading area in the recent federal auction. As a condition of the license award, GTE is required to divest its cellular interests in Augusta and Savannah because these properties overlap with the Atlanta MTA.
The agreement is subject to regulatory and other approvals.
