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For a news report of the company's announcement presented below, see

Note that the company's cited financial adviser, Charlesmead Advisors, is the successor of Balhoff & Williams that had been engaged by the dissident shareholder Leeward Investments to analyze a recommended immediate sale of the company in 2009. For that report and the company response to it, both referenced in the 2010 Forum Summary of the program for shareholders of North State Telecommunications, see:

 

Source: North State Communications, December 20, 2012 press release

North State Strengthens Focus on Broadband With Divestiture of Wireless Operations

HIGH POINT, N.C. – December 20, 2012 – North State Communications today announced that it has agreed to sell its wireless operations to AT&T for $23.5 million in cash. North State has provided wireless services through various joint venture arrangements with AT&T since 1994.

"We built a strong wireless business,” said North State President and COO Royster Tucker III. "The wireless sale demonstrates the value that our investments and efforts have produced, and will enable us to strengthen our broadband business and expand our data center operations.”

North State provides fiber-to-the-home and business services such as advanced TV, ultra-fast Internet connections, and other IP-based services in North Carolina’s Piedmont Triad region. The company recently acquired Winston-Salem, N.C. - based data management company DataChambers, and announced expansion for this operation with the opening of a 50,000 square foot data center in Raleigh, planned for early 2013. The wireless transaction, which is expected to close within the first half of 2013, is subject to customary closing conditions, including FCC approval. Charlesmead Advisors is acting as financial advisor to North State in the transaction.

About North State

North State is among the fastest growing data, communications and entertainment companies in North Carolina. The company provides services to consumers and businesses, including advanced television, Internet, voice and data services in the state’s Piedmont Triad region. North State is the area’s preeminent provider of business communications and data center services. The company operates data centers in Winston-Salem and Raleigh, North Carolina, with a full range of management and monitoring services, collocation and cloud solutions, and backup and recovery options, serving businesses throughout the southeast and eastern U.S. For more information visit: www.northstate.net


 

Bob Geller
Fusion Public Relations
(212) 651-4224
bob.geller@fusionpr.com

 

 

 

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