Middletown wireless-services provider Wireless Zone has been acquired by a Canadian company in a deal valued at $83.3 million.
Canada's Glentel Inc. announced Tuesday that it has finalized its purchase of closely held Wireless Zone, a 428-store franchise that distributes Verizon Wireless products and services.
Glentel , the largest independent multi-carrier mobile phone retailer in Canada, said it financed the acquisition with $22.3 million in cash and $61 million from a 5-year syndicated senior credit facility.
As part of the deal key members of Wireless Zone senior management will be subject to employment agreements with Glentel, officials said.
Wireless Zone, which has expanded quickly in Connecticut in recent years, is one of the six exclusive Verizon Wireless National Premium Retailers, operating 409 franchised and 19 corporate stores in 28 U.S. states.