WAYNESBORO, Va. (AP) — Ntelos plans to sell its licenses covering markets in Eastern Virginia to T-Mobile for about $56 million in cash.
The Waynesboro-based regional cellphone company announced the sale on Tuesday. The licenses include the Hampton Roads/Norfolk and Richmond markets.
Ntelos says the sale is part of several initiatives to focus on its markets in Western Virginia and West Virginia. The company also plans to expand 4G LTE services, enhance service capabilities and improve retail performance in the western markets.
The company says in a news release that its Board of Directors decided to focus on the western markets following a review of operations.
The license sale is expected to close in April 2015.
A transition plan for Eastern Virginia subscribers is expected to be implemented over the next year.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.