P.M. BRIEFING : BellSouth to Buy Graphic Scan
BellSouth Enterprises has agreed to acquire Graphic Scanning Corp., a New Jersey-based cellular telephone and paging service provider, for $180 million, the two companies announced today.
BellSouth, which signed a definitive agreement to pay $5.50 for each of the 32.4 million outstanding shares of Graphic stock, said the deal is expected to close in mid-1991. It is subject to shareholder and regulatory approval.
Atlanta-based BellSouth said the acquisition would enhance its standing as an international provider of wireless telecommunications services. Graphic, based in Teaneck, N.J., operates in the United States and the United Kingdom.
The deal will increase BellSouth’s paging business to more than 1.25 million pagers worldwide.