?FairPoint Communications, Inc. announced today that it has agreed to sell its payphone business in northern New England to Pacific Telemanagement Services.? PTS is the single largest payphone provider in the country, operating nationwide.
The last decade
"Payphones have seen dramatic decreases in usage over the last decade and the trend is likely to continue," said Ajay Sabherwal, executive vice president and chief financial officer. "We believe we can best deploy our resources to focus on our core lines of business including bringing more broadband service to northern New England."??
FairPoint operates in broad outline 4,000 payphones across northern New England. The payphone business accounts for only about $1 million in annual revenue and due to the decrease in usage is becoming increasingly unprofitable. ??
The deal is closed
PTS will purchase monthly access from FairPoint for any payphones it continues to operate afterwards the deal is closed.? FairPoint and PTS expect the deal will close later this year.
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