Target: Wireless operations of North State Communications (“North State”)(OTC:NORSA)
Buyer: AT&T, Inc. (NYSE:T)
Assets: North State has provided wireless services through various joint venture arrangements with AT&T since 1994. As of September 30, 2012 North States wireless operations served 27,202 subscribers in North Carolinas Piedmont Triad region.
Valuation: Not disclosed
Expected Close: First half 2013
Comments: Based in High Point, North Carolina, North State provides fiber-to-the-home and business services such as advanced TV, ultra-fast Internet connections, and other IP-based services in the 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 divestiture enables North State to continue to strengthen its broadband business and expand its data center operations.
Charlesmead Advisors, LLC served as exclusive financial advisor to North State Communications in this transaction.