Warwick Valley Telephone (WWVY) Acquires Assets of Alteva, LLC
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Warwick Valley Telephone Company (NASDAQ: WWVY) announced that it has entered into a definitive asset purchase agreement to acquire substantially all of the assets of Alteva, LLC, a cloud-based Unified Communications ("UC") solutions provider and North America's largest enterprise hosted Voice over Internet Protocol ("VoIP") provider, for cash and stock with a combined value of approximately $17 million. The Board of Directors of the Company and the Board of Managers of Alteva, LLC have both approved the acquisition, which is subject to regulatory approvals and certain other customary conditions. The transaction is expected to close in the third quarter of 2011.
Following the closing of the acquisition, WVT will integrate its existing Competitive Local Exchange Carrier ("CLEC") business, USA Datanet, with the operations of Alteva.
Following the closing of the acquisition, WVT will integrate its existing Competitive Local Exchange Carrier ("CLEC") business, USA Datanet, with the operations of Alteva.
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