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March 2, 2004
RICHMOND, Va. - Dominion (NYSE: D) said today it has signed a definitive agreement to sell 100 percent of its Dominion Telecom unit to a subsidiary of Elantic Networks Inc. Terms of the transaction were not disclosed.
Dominion also said it expects to take a loss of up to $30 million related to the sale.
The sale, which is expected to close in the second quarter, is subject to review or approval by the Federal Communications Commission and regulators in 11 states.
Dominion, headquartered in Richmond, Va., is one of the nation's largest producers of energy. Elantic Networks, a Richmond-based telecommunications company, is expected to enter into a management agreement with Cavalier Telephone LLC to operate the business after the transaction is completed.
Merrill Lynch & Co. acted as exclusive financial advisor to Dominion in connection with this transaction.
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CONTACTS: | ||
Media: | Mark Lazenby, 804-819-2042 | |
Hunter Applewhite, 804-819-2043 | ||
Media (Elantic): | Andy Lobred, 804-422-4523 | |
Analysts: | Laura Edge Kottkamp, 804-819-2129 | |
Joe O'Hare, 804-819-2156 |
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