Primus selling retail telecom business in Canada, United States for US$129M

MCLEAN, Va. – Primus Telecommunications Group is selling its North American retail telecommunications operations in the United States and Canada to York Capital Management for about US$129 million.

“This transaction represents a meaningful outcome of the board’s strategic process,” Primus chairman Neil Subin said in announcing the deal Friday.

“The board is considering alternatives for the deployment of the proceeds from this sale.”

Primus is one of the largest alternative telecommunications service providers in Canada based on net revenue.

It provides domestic local, long-distance and international telephone, broadband, ethernet, hosted-VoIP and wireless services to business, residential customers and government agencies.

In the United States, PTGi provides international and domestic voice, data, business-class broadband, hosted IP-PBX, SIP trunking and VoIP services to SMEs and residential customers.

Primus is also a wholesale service provider to fixed and mobile network operators worldwide and owns and operates its own global network of next-generation IP soft switches and media gateways.

York Capital Management manages some $15 billion in assets.