Canadian wireless retailer GLENTEL Inc. (TSE:GLN), which operates nearly 300 retail locations across Canada under brands such as Glentel Wireless, WirelessWave and Telephone Booth has agreed to acquire majority ownership of Diamond Wireless, a mall-based Verizon Wireless authorized retailer in the U.S. The total purchase price is US $50,450,000, subject to closing adjustments.
Burnaby-based GLENTEL, which has experienced impressive revenue growth and positive net earnings in each of the past five years, had this to say about the acquisition:
“We are delighted to welcome Diamond Wireless to our company,” stated Thomas Skidmore, GLENTEL’s President and Chief Executive Officer. “Diamond has consistently delivered strong growth in sales and profitability, new store openings, and solid same-store sales growth year over year similar to the performance of our Retail Division in Canada. As GLENTEL now continues its wireless retail mall expansion into the United States, we endorse Diamond’s business plan to grow with profitability representing Verizon Wireless, under the continued leadership and commitment of Diamond’s President and Chief Operating Officer, Troy Crosland, and his existing management team. Diamond Wireless will be a significant contributor to our earnings and shareholder value in the 4th quarter.”