WASHINGTON _ GCI, Alaska's largest telecommunications company, has been acquired by Liberty Ventures Group, a subsidiary of Colorado-based media conglomerate Liberty Interactive Corp.
Anchorage-based GCI _ aka General Communication Inc. _ announced Tuesday it will become GCI Liberty after the merger. Liberty Ventures will have a controlling interest in 38-year-old GCI.
The purchase price was $1.12 billion, Reuters reported.
GCI said not much will change for its Alaska customers. The company will remain freestanding. There will be no change to the "leadership team, brand, operations, and products and services," and company headquarters will remain in Anchorage, the company said in a written statement.
GCI employs about 2,300 people, mostly in Alaska.
GCI CEO Ron Duncan in a company statement described the acquisition as a "win" for "shareholders, customers, and employees."
"As part of a larger company, GCI will be even better positioned to compete, innovate and serve Alaskans and our customers in the lower 48 states," Duncan said.
Duncan founded the company from an apartment in 1979. GCI now has nearly $1 billion in annual revenue.
"GCI Liberty will remain an Alaska corporation as of the closing," but "as soon as practicable following the closing," the company will call a meeting of GCI Liberty shareholders to vote on reincorporating in Delaware, according to the announcement.
