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Article: Pennsylvania Telephone Company to Be Acquired by New York Firm.(Originated from The Philadelphia Inquirer)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 24, 1996
- Author:
CopyrightCOPYRIGHT 1996 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Oct. 24--Eastern TeleLogic Corp., a telephone company based in King of Prussia, Pa., is being swallowed whole by Teleport Communications Group, a company in Staten Island, N.Y. that provides local telephone service in 18 states.
Teleport, which already owns 25 percent of Eastern TeleLogic, said its purchase of the remaining 75 percent will total $233 million in cash, stock and assumed debt.
Teleport is basically plugging in a missing puzzle piece: Eastern TeleLogic owns a high-speed fiber-optic network that spans the Philadelphia region from Camden to Wilmington, while Teleport has similar networks in 57 other areas.
"We pretty much ...