Vodafone AirTouch Completes Acquisition of CommNet Cellular; Further Expanding U.S. Footprint In 9 Western States

Cambridge Telcom Report, Jan 10, 2000

Vodafone AirTouch Plc (NYSE:VOD) (LSE:VOD) announced Thursday that it has completed its acquisition of CommNet Cellular Inc. (Nasdaq:CELS) through a merger between one of Vodafone AirTouch's subsidiaries and CommNet.

Pursuant to the merger agreement, CommNet shareholders will receive $32.2077 per share in cash, representing $31.00 per share plus 8 percent annual interest from the signing of the agreement on July 18, 1999 until Thursday's closing.

CommNet offers service in Colorado, Montana, North Dakota, South Dakota, Utah and Wyoming and parts of Idaho, Iowa and New Mexico. It also owns minority operations in three other states. The purchase fills in gaps in AirTouch's coverage area which until now have been served through costly roaming agreements.

With the acquisition, Vodafone AirTouch will add 3.6 million proportionate POPs and more than 360,000 proportionate customers to its U.S. wireless base.

AirTouch serves 9 million U.S. cellular and PCS customers on a proportionate basis. Its ventures operate in 25 states and 22 of the top 30 U.S. markets, including Atlanta, Chicago, Dallas, Detroit, Houston, Los Angeles, Miami, Phoenix, San Diego, San Francisco and Seattle. AirTouch is part of Vodafone AirTouch Plc, the world's largest wireless communications firm, based in the United Kingdom. It has mobile operations in 24 countries on five continents, with more than 35.5 million proportionate cellular customers. For more information, visit the AirTouch web site at www.airtouch.com.