Local telecoms provider, Winstar Communications Inc hopes to expand its roof rights and wireless expertise in New York and New Jersey with the $17.5m acquisition of the microwave division of New York City-based company, Local Area Telecommunications Inc (Locate). The $17.5m will be paid in the form of a note which WinStar will have the opportunity to convert into common stock or pay off in cash. The deal is subject to FCC and other state regulatory authority approval and until then WinStar will assist Locate in the management of the company under a consulting agreement with the key employees expected to remain with the company.
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