Notable Mergers and Acquisitions of the Day 08/02: (T) (R)


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August 2, 2012 10:27 AM EDT Send to a Friend
  • AT&T (NYSE: T) has agreed to acquire NextWave Wireless, Inc. NextWave holds licenses in the Wireless Communication Services (WCS) and Advanced Wireless Service (AWS) bands.

    Under the terms of the agreement, AT&T will acquire all the equity of NextWave for approximately $25 million plus a contingent payment of up to approximately $25 million and, through a separate agreement with NextWave’s debtholders, all of the company’s outstanding debt will be acquired by AT&T or retired by NextWave, for a total of $600 million in cash. The outstanding debt held by NextWave’s bondholders will be satisfied through cash and a transfer of selected NextWave assets. NextWave’s debtholders have agreed to the terms, and a majority of its shareholders have agreed to support the transaction.

    The transaction is subject to review by the Federal Communications Commission and to other customary closing conditions. Additionally, NextWave’s transfer of assets may be subject to Hart-Scott-Rodino review by the Federal Trade Commission and Department of Justice. AT&T anticipates closing the transaction by the end of 2012.

  • Ryder System, Inc. (NYSE: R) has acquired independently owned and operated Euroway Group Ltd. based in Bedfordshire, England. Euroway is a commercial truck leasing, maintenance and fleet management provider serving primarily the southern part of the UK.

    The stock acquisition was completed on August 1, 2012.

    The acquisition is expected to add approximately £12.8 million (approximately $20.2 million) in annual revenue to Ryder’s Fleet Management Solutions (FMS) business segment, and be modestly accretive to comparable earnings this year. The acquisition adds approximately 1,400 vehicles, primarily medium and heavy duty, as well as trailers.
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