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TELECOM PLUS ASKS SALOMON BROTHERS TO HELP FIND IT A NEW HOME FOR ITS $235m

Having sold its cellular telephone interests to McCaw Cellular Communications for $70m, and reached agreement to sell its PABX and telecommunications systems sales and implementation business to Siemens AG for $165m, Telecom Plus International Inc, Boca Raton, Florida, will very soon be in the happy if disconcerting situtuation of having some $235m of cash in the bank but revenue-generating businesses bringing in less than $10m. That makes it an extremely enticing bid target, and it needs a new home for its cash quickly. Accordingly, it has retained New York investment bank Salomon Brothers to help it identify suitable acquisition candidates.

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