Advertisement Cincinnati Bell selling wireless business to Verizon Cincinnati Bell to receive about $210 million Share Shares Copy Link Copy

A Tri-State communications provider is selling its wireless division to a national competitor.Cincinnati Bell announced Monday that it has entered into agreements to sell its wireless spectrum licenses and certain related assets to Verizon Wireless for cash and an assumption of certain Cincinnati Bell liabilities.The total value to Cincinnati Bell will about $210 million.“We appreciate the loyal support from our Cincinnati Bell Wireless customers over the last sixteen years, and we remain committed to providing them with wireless service and support throughout the transition period,” said Ted Torbeck, President and CEO of Cincinnati Bell, in a news release, Torbeck added that it was not necessary for customers to take any action at this time.Cincinnati Bell Wireless (“CBW”) will, for a nominal charge, lease back the spectrum it is selling for a period of time following the closing of the purchase transaction, during which it will wind down its wireless network operations and assist its wireless customers in transitioning their service arrangements to Verizon Wireless or other wireless providers.CBW will notify its customers with further details around the time of the closing, which is expected to be in the second half of 2014.“This transaction is an important step toward increasing focus on our growing strategic product base,” Torbeck said in the release. “It has become economically challenging for us to invest in our wireless business at the levels necessary to deliver best-in-class service to our customers. This transaction not only ensures that our customers have access to top-tier wireless service, but it also gives us increased flexibility to meet their growing demand for our Fioptics suite of products.”