Investor Group to Buy PrimeCo From Verizon

An investor group led by two Los Angeles-based venture capital firms agreed to buy PrimeCo PCS and its wireless operations in Chicago for an undisclosed price.

The property was owned by Verizon Wireless, which had to sell the business because of federal limits on wireless licenses.

The PrimeCo purchase includes a wireless license in and around Chicago and into parts of Indiana, with 34 cell phone service stores and kiosks, 400 employees and a network of 400,000 subscribers.

The investor group is led by Los Angeles-based Clarity Partners and Pacific Capital Group and includes several other investment firms.