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GCI buys slice of Alaska DigiTel.
Byline: Richard Richtmyer
Dec. 8--General Communication Inc. has struck a deal to buy a majority interest in wireless phone company Alaska DigiTel for $29.5 million.
Even though it will own most of DigiTel, Anchorage-based GCI will not take over the company. Instead, it will become a "passive investment" that GCI executives estimate next year will yield as much as $25 million in revenue and $5 million in profits before deducting interest, taxes, depreciation and amortization.
DigiTel says it has more than 24,000 subscribers, making it a distant No. 3 wireless company in Anchorage behind Cellular One and ACS. The Anchorage company is owned by an undisclosed number of private investors from Alaska to Tennessee. The company set up shop in Anchorage in 1998.
The company plans to use the GCI money to buy out some of those investors -- most in the Lower 48 -- refinance most of its debt and continue to develop its wireless network, said Stephen Roberts, a DigiTel managing director who's based in Memphis, Tenn.
DigiTel's current management team will remain in charge of the company, which has about 65 employees, Roberts said.
The purchase is the latest in a string of acquisitions for GCI. Once a small upstart long-distance phone company, GCI has grown into an Alaska telecom powerhouse that analysts expect to log $440 million in revenue this year.
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