GTCR plans to acquire MVNO Consumer Cellular
It looks like this year is a year of acquisitions. The latest company to be acquired is Consumer Cellular, an MVNO with over 4 million customers.
Earlier this week, Chicago-based private investment firm, GTCR, announced its plans to acquire the company. Although details about the acquisition’s terms were scarce, there are reports suggesting that the MVNO was purchased for $2.3 billion.
Along with the acquisition, the company will also have a new CEO, Ed Evans.
“Mr. Evans is an accomplished executive in the wireless space with more than three decades of experience including partnering with GTCR in its prior investment in Syniverse Technologies. Mr. Evans succeeds Consumer Cellular founder John Marick who has served as the Company’s CEO since inception.”
According to a spokesperson of the equity firm, Consumer Cellular’s founder John Marick will remain as a “substantial shareholder and on the board of directors.”
Marick promises to take care of its almost 2,000 employees. They will be receiving part of the proceeds throughout next year. The eligible employees can get up to 1.5 year’s worth of annual salary.
The acquisition is set to close before the year ends.