While we’ve heard rumors on the street previously, we couldn’t really confirm it. But today it’s official! Consumer Cellular has been sold to a private equity firm for $2.3 Billion,
GTCR, the Chicago-based private equity firm, revealed that it will be buying a majority stake in the MVNO. It is expected to close before the year ends.
When the transaction is finally closed, the current CEO of the wireless provider, John Marick, will retire from his post. But he will remain part of the board of the MVNO. Shareholders are said to keep a “significant” stake with the company.
To take over Marick’s role as CEO, GTCR has appointed Ed Evans to be the new CEO. The company shared:
“Mr. Evans is an accomplished executive in the wireless space with more than three decades of experience including partnering with GTCR in its prior investment in Syniverse Technologies. Mr. Evans succeeds Consumer Cellular founder John Marick who has served as the Company’s CEO since inception. Mr. Marick will remain a substantial shareholder of the Company and remain on the board of directors.”
According to Marick, the sale will add some debt to the balance sheet of the MVNO. A portion of the acquisition proceeds will be redistributed among employees to give them up to 1.5 times their annual salary. For each year they work at the MVNO, employees will get two months’ salary. The bonuses will be paid out throughout 2021.
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