Cincinnati Bell announced Monday the company is selling its wireless division to national competitor Verizon Wireless.
The company announced Monday that it has entered into agreements to sell its wireless spectrum licenses and related assets to Verizon. The total value to Cincinnati Bell is approximately $210 million.
Cincinnati Bell said it will continue to offer wireless service for customers for the next 8 to 12 months. The company will notify customers with further details regarding transition assistance around the time of the closing, which is expected to be in the second half of 2014.
It was not immediately clear on Monday if the sale will impact jobs. Cincinnati Bell Wireless employs approximately 175 people, including retail store employees.
"We are currently evaluating the impact of this agreement on our organization. As we announced, we expect to run our wireless business for the next 8-12 months. Also, we plan to continue operating all of our retail locations at this time," Cincinnati Bell spokeswoman Angela Ginty said. "We plan to retain as many employees as possible through retraining and reassignment to other departments."
Ted Torbeck, president and CEO of Cincinnati Bell, said that it is not necessary for customers to take any action at this time.
"We appreciate the loyal support from our Cincinnati Bell Wireless customers over the last 16 years, and we remain committed to providing them with wireless service and support throughout the transition period," he said.
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