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Convergys to sell cellular assets to AT&T for $320m
|06 июня 2011|
Convergys Corp. said it planned to sell its holding in Cincinnati area cellular assets to partner AT&T Inc. for $320 million in cash.The partnerships are a legacy from Covergys's 1998 spin off from Cincinnati Bell Inc. When the two split, Convergys received a minority limited partnership interest in Cincinnati SMSA and Cincinnati SMSA Tower Holdings, which comprise the so-called cellular partnerships.
AT&T is the general partner in the business, already managing them on a day-to-day basis.
Convergys said it would update its guidance for the year after the deal closes.
"The sale of this non-core asset further simplifies our business, strengthens our balance sheet and gives our investors a clear view to the operating performance of our businesses," Chief Executive Jeff Fox said Thursday.
In its latest quarterly results, Convergys profit fell modestly but the provider of back-offices services reported the expected adjusted bottom line on margin improvement.
Since the economic downturn, its core results have been under pressure from sliding demand. Though it has been streamlining its business, in the short-term the strategy padded costs.
CVG shares were closed Thursday down 0.6% and weren't active after hours. The stock has fallen 4.7% since the beginning of the year, while the wider market has gained.
Источник: Total Telecom