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August 29, 2007
Beleaguered MVNO Ampd Mobile Inc. was purchased out of bankruptcy Aug. 1 by Prexar Mobile, a nationwide provider of wireless services operated by USA Telephone, a CLEC. Launched in 2005, Ampd filed for Chapter 11 protection on June 1.
Joe Nacchio, Qwest Communications International Inc.s embattled former CEO, was sentenced July 27 to six years in prison. Nacchio was convicted in April of illegally selling $52 million in stock to investors in 2001. A federal judge ordered Nacchio to repay $52 million, pay a $19 million fine, cover most legal costs and serve two years of probation in addition to his prison time. Nacchios attorney plans to appeal the six-year sentence.
Inter-Tel Inc. stockholders approved the $723 million merger with Mitel Networks Corp. The companies have agreed not to complete the merger until after an upcoming hearing on a motion from a shareholder lawsuit seeking a preliminary injunction of the merger. The deal gives Canada-based Mitel a stronger presence in the U.S. market and doubles its current revenue stream to combined $800 million.
NEC Corp. has acquired Sphere Communications Inc., a U.S.-based company specializing in service-oriented unified communications software technology. Under the terms of the agreement, NEC has acquired all of the shares of Sphere. Sphere will retain its offices in Lincolnshire, Ill., with Graeme Robinson as president and CEO. Sphere will be part of a global initiative under NECs Enterprise Solutions Business Unit.
Platinum Equity LLC has acquired Startec Global Communications for an undisclosed amount. Startec is a facilities-based provider headquartered in Maryland and sells long-distance services to ethnic markets in the United States and Canada through channel partners. Startec was owned by Allied Capital Corp., which last month settled with the Securities and Exchange Commission over a recordkeeping dispute. Platinum Equitys plans to combine Startecs operations with another of its communications holdings, Americatel. Americatel President Tomas Perez also will take over as CEO and president of Startec, replacing Howard Kamerer.
Telcombrokers has completed the acquisition of the agent base and carrier contracts of Fine Telecommunications Inc., a Costa Mesa, Calif.-based telecom agency, for an undisclosed amount.
Allied Capital Corp. www.alliedcapital.com
Read more about:Agents
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