Mergers and Acquistions News
Categories: Telecoms
October 18th 2010, 17:11PM
Two major US telecoms firms have announced they are to create a new business entity.
Associated Network Partners, Inc (ANPI), a provider of voice and ISP telecoms services across the US, will merge with Zone Telecom, Inc, which supplies voice, data and VoIP products to business and wholesale customers nationally.
Both firms will contribute 100 per cent of their respective assets and shares to create a new holding company, ANZ Communications LLC, of which they will both possess 50 per cent stakes.
However, both firms will continue to operate under their current names. The two companies had a combined annual sales of around $180 million (£113 million) in 2009, and are forecast to increase that revenue to fund network expansion and infrastructure investment.
"Obviously we're very excited about what this merger means for our companies," Dave Lewis, president and chief executive officer of ANPI who will also be chief executive of ANZ Communications.
"The telecommunications marketplace is undergoing fundamental change, and that change is ushering in both tremendous opportunities as well as numerous challenges," he added.
The merger is pending shareholder, federal and state regulatory approvals.
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