Verizon announced Monday that it will sell its TSI Telecommunications Services subsidiary to the equity investment firm GTCR Golder Rauner, LLC for approximately $800 million.
Tampa, Florida-based TSI, with 800 employees, serves nine of the ten largest wireless carriers in North America and 260 companies worldwide, providing roaming subscriber validation, call delivery and fraud management, as well as services that enable protocol translation, roaming transaction processing, wireless clearing and financial settlement, and carrier access billing.
"The decision to divest TSI was driven by Verizons need to remain sharply focused on residential and business services," said Tom Bartlett, president of Verizon Global Solutions.
Edward Evans, president and chief operating officer of Dobson Communications, has been named CEO of TSI.
The deal is expected to close in the first quarter of 2002.