Acceris Communications Corp. could soon become a part of Matrix Telecom.
San Diego-based Acceris Communications Inc. on Monday announced a letter of intent to sell its communications subsidiary to Matrix Telecom for cash and other consideration for the transfer of shares.
Completing the sale is contingent upon the execution of a share purchase agreement, approval by Acceris shareholders and the board of directors, regulatory approval and other customary closing conditions, Acceris and Matrix Telecom said in a joint news release.
The companies expect to reach the share purchase agreement by April 30 and close the acquisition during the third quarter.
Earlier this month, Acceris announced it would stop accepting new orders for local residential phone customers in five states after regulators eliminated government rules mandating wholesale access to the networks controlled by BellSouth Corp., Qwest Communications International Inc., SBC Communications Inc. and Verizon Communications Inc.
Shares of Acceris were trading late this morning at 61 cents on the OTC Bulletin Board. The company has a market value of $11.73 million.
Dallas-based Matrix Telecom is owned by Platinum Equity, a global acquisition firm. Last week, Matrix Telecom revealed plans to acquire Global Crossing Ltd.s small business group for $40.5 million. The unit sells voice and data services to an estimated 30,000 small and medium businesses.