it was announced today. The total value of the acquisition is $17 million in cash and stock ($11 million in cash, $4 million in stock and $2 million in potential earnouts).
Warwick Valley intends to combine Alteva's operations with its USA Datanet CLEC (Competitive Local Exchange Carrier) business as it seeks more growth than its traditional local telephone business offers. Warwick is in Orange County, in the far northern exurbs of New York. Warwick Valley will hold a conference call tomorrow to explain the deal.
Alteva was founded in 2003 by Bill Bumbernick and is headquartered in the Bourse building along Independence Mall. No word yet on what this deal will mean for its Philadephia presence.
You can see my previous pieces on Alteva here