LONDON -- Vodafone AirTouch, a wireless phone provider created from the merger of British and U.S. companies, said Monday it has agreed to pay $764 million in cash for CommNet Cellular Inc., which operates in the Western United States.
Vodafone AirTouch said it will also assume CommNet's debt, estimated at $600 million.It will make the acquisition through a wholly owned subsidiary, AirTouch Cellular, the company said.
If the deal is approved by the U.S. Federal Communications Commission, it will take four to five months to complete, Vodafone AirTouch said.
CommNet offers service in most of Colorado, Montana, North Dakota, South Dakota, Utah and Wyoming and parts of Idaho, Iowa and New Mexico. It also owns minority interests in operations in three other states.
The acquisition of CommNet would also generate significant cost savings, Vodafone AirTouch Chief Executive Chris Gent said.
The deal comes just weeks after Vodafone, of Britain, and AirTouch, a former arm of the regional phone company Pacific Bell, completed their $58 billion merger.