Miss-Delectable
New Member
- Joined
- Apr 18, 2004
- Messages
- 17,160
- Reaction score
- 7
GoAmerica to Buy Verizon Unit - Forbes.com
GoAmerica Inc., which provides telecommunications services for the deaf, Thursday said it will buy the assets of a Verizon Communications Inc. unit that helps the deaf and speech-impaired communicate by phone through operators.
GoAmerica (nasdaq: GOAM - news - people ) is buying the telecommunications relay services unit for $50 million in cash and up to an additional $8 million depending on the unit's ability to meet certain financial targets.
GoAmerica said the Verizon (nyse: VZ - news - people ) unit generated about $67 million in revenue in 2006. GoAmerica's 2006 revenue was $12.8 million.
The Hackensack, N.J., company said the acquisition will be financed through the issuance of $65 million in new preferred stock and debt to private-equity firm Clearlake Capital Group, which will receive one new seat on GoAmerica's board, expanding to three seats when the deal is completed.
GoAmerica shares rose 4 cents to $5.14 in midday trading.
GoAmerica Inc., which provides telecommunications services for the deaf, Thursday said it will buy the assets of a Verizon Communications Inc. unit that helps the deaf and speech-impaired communicate by phone through operators.
GoAmerica (nasdaq: GOAM - news - people ) is buying the telecommunications relay services unit for $50 million in cash and up to an additional $8 million depending on the unit's ability to meet certain financial targets.
GoAmerica said the Verizon (nyse: VZ - news - people ) unit generated about $67 million in revenue in 2006. GoAmerica's 2006 revenue was $12.8 million.
The Hackensack, N.J., company said the acquisition will be financed through the issuance of $65 million in new preferred stock and debt to private-equity firm Clearlake Capital Group, which will receive one new seat on GoAmerica's board, expanding to three seats when the deal is completed.
GoAmerica shares rose 4 cents to $5.14 in midday trading.