Phone Rental Company in Irvine Buys Subsidiary

ABI American Businessphones of Irvine has acquired 100% of a subsidiary operation, American Businessphones Rentals, for slightly more than $1 million in cash.

Before the acquisition, 44.5% of the rental firm’s common stock was owned by outside investors. Besides buying the outstanding common stock, ABI also bought all of the subsidiary’s preferred stock.

Based in Mission Viejo, American Businessphones Rentals leases telephones systems supplied by ABI.