EL SEGUNDO, Calif. -- Bell Industries, Inc.(AMEX:BI) today announced it has entered into an asset purchaseagreement to acquire substantially all of the assets and assume certainliabilities of SkyTel Corp., a subsidiary of Verizon CommunicationsInc.
The proposed transaction, which has been approved by Verizon managementand the board of directors of Bell Industries, is subject to thecompletion of customary closing conditions and regulatory approvals,including approval by the Federal Communications Commission. Theparties expect the transaction to be completed in the next few months.
Headquartered in Clinton, Mississippi, SkyTel provides nationwidewireless services and support, including email, interactive two-waymessaging, wireless telemetry services and traditional text and numericpaging, to business and government customers throughout the UnitedStates. SkyTel's revenues over the past 12 months were more than $100million.
"This transaction is in keeping with our objective of providingadditional growth vehicles for Bell and expanding our reach beyondtechnology management and support services to wireless solutions," saidJohn Fellows, chief executive officer of Bell Industries. "SkyTel has along and very distinct history of product innovation and marketleadership. We look forward to providing SkyTel associates with aplatform that will allow them to continue the successes they haveachieved over the years."
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