Verizon Communications sells subsidiary for $800 million

Verizon Communications has agreed to sell its subsidiary TSI Telecommunication Services to GTCR Golder Rauner for approximately $800 million.

Verizon Communications has agreed to sell TSI Telecommunication Services Inc. (TSI), a wholly owned subsidiary, to GTCR Golder Rauner, LLC (GTCR) for approximately $800 million.

According to Verizon, TSI is the leading provider of transaction-based call processing; technical interoperability and network services that enable business transactions between wireless telecommunication carriers.

GTCR is a private equity investment firm, which manages more than $4 billion of equity capital invested in a wide range of industries including transaction processing services, communication services, and information technology services.

The proceeds from the sale will be used for high-growth opportunities consistent with Verizon’s overall strategy and for general corporate purposes.

Founded in 1987, TSI provides infrastructure solutions that connect wireless carriers and simplify the management of complex and rapidly converging telecommunications, Internet Protocol (IP), and other data networks.

TSI currently serves more than 260 telecommunications providers in North America, Latin America, Asia Pacific and Europe. In North America, TSI serves nine of the ten largest wireless carriers.

The transaction is expected to close in the first quarter of 2002.