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April 29, 1997updated 05 Sep 2016 12:47pm

NETWORK LONG DISTANCE BUYS EASTERN TELECOM

By CBR Staff Writer

Network Long Distance Inc, the Louisiana-based telecommunications company has hit on a solution to its quest for increasing shareholder value. On Monday it announced an agreement to purchase Eastern Telecom International Corp of Newport News, Virginia. The deal is worth around $30m to Eastern’s shareholders with 90% of this being in paper and only a $1.5m cash sweetener. There are also top executive board positions lined up for Eastern’s Chief Executive Officer and Chief Finance Officer (guaranteed to clear the way for a smooth deal). Back in January this year, Network Long Distance engaged investment bankers Seruus Ventures LLC to advise it on how to maximise value for its shareholders and this is the end result. According to Network Long Distance’s Chief Executive Michael Ross, this brings the group’s annualized revenue figures up to around $80m. Ross has stated his desire to see the group reach Tier II status as a $100m long distance phone carrier in the near future. We can expect further acquisitions in the future. Shares in Network Long Distance Inc closed at $7.63, up $0.5 on the news.

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