Vodafone to Acquire CommNet Cellular

Britain’s Vodafone AirTouch said it agreed to pay $764 million for U.S.-based CommNet Cellular Inc., adding 360,000 customers in nine Western states. Vodafone AirTouch will also assume debt of about $600 million in the purchase of CommNet from Blackstone Group, a New York-based private equity fund. The deal comes just weeks after Vodafone and San Francisco-based AirTouch completed their merger, forming the world’s biggest mobile phone company. CommNet shareholders will receive $31 a share in cash, plus 8% annual interest from July 18 until the deal closes. Vodafone AirTouch’s American depositary receipts fell 81 cents to close at $213.44 on the New York Stock Exchange.