Network engineering consultant Belenos Inc. raised $20 million in second-round venture financing, led by Investcorp Ventures Technology Fund I L.P. and First Union Capital Partners. Investcorp, a private equity fund focusing on technology investments in infrastructure services, marketing services and wireless services, contributed $15 million to Belenos, with First Union pitching in the remaining $5 million. Belenos also named Mark Kennelley, partner in Ventures, to its board of directors. Kennelley currently serves as a director of Bigfoot Interactive and Mighty Seven Networks.
Alltel Corp.’s board of directors voted to adopt a stock repurchase plan allowing the company to repurchase up to 7.5 million shares of outstanding common stock, representing approximately 2.4 percent of Alltel’s total outstanding common shares. “The stock repurchase program allows us to take advantage of our strong financial position and deliver increased value to our shareholders,” said Joe Ford, chairman and chief executive officer of Alltel. In addition, Alltel’s board declared a regular quarterly dividend of 32 cents per share on the company’s common stock, payable Oct. 3 to stockholders of record as of Sept. 11.
Underwriters for UbiquiTel Inc.’s initial public offering exercised their over-allotment option to purchase an additional 780,000 shares of common stock at $8 per share. UbiquiTel initially offered 12.5 million common shares at $8 per share, beginning trading on the Nasdaq National Market under the ticker symbol “UPCS.” Underwriters of the offering include Donaldson, Lufkin & Jenrette Securities Corp., Banc of America Securities L.L.C. and DLJdirect Inc.
TeleCorp PCS Inc. priced $450 million of its 10.6-percent senior subordinated notes due 2010 in a private offering, representing a $200 million increase from the company’s $250 million senior subordinated notes offering originally proposed. TeleCorp said it would use proceeds of the offering to fund capital expenditures, including those for personal communications service licenses.
LHS Group Inc., a provider of operating support system software and services to the communications industry, reported that Sema’s shareholders approved the company’s proposed merger with LHS.
