BELLEVUE, Wash.-Western Wireless Corp. closed on its previously announced $25 million acquisition of rural telecommunications provider HickoryTech Corp.’s wireless business, which included two cellular and PCS licenses serving southern Minnesota.
Western Wireless paid $12.9 million in cash and just over 1 million shares of HickoryTech common stock in the deal and noted it would also pay for certain construction in progress. The carrier said it expects to immediately offer Cellular One-branded services in the acquired markets.
HickoryTech added that the transaction reduced the total number of outstanding shares by approximately 7 percent, and it plans to use proceeds from the deal to reduce its long-term debt.
