Verizon Wireless buys Rural Cellular

Verizon Wireless said today it has agreed to buy Rural Cellular Corp. for $2.67 billion in cash and assumed debt.

Verizon Wireless said the proposed acquisition will expand its wireless service coverage in rural areas; Minnesota-based Rural Cellular has networks located in such states as Massachusetts, Maine, New Hampshire, and Vermont, as well as in Minnesota, North Dakota, Wisconsin, and several other states.

Verizon Wireless said the acquisition will increase its customer base by more than 700,000 and allow expansion into some areas where it had little or no presence.

Verizon Wireless of New Jersey is a joint venture of Verizon Communications Inc. and Vodafone Group PLC.
(By Chris Reidy, Globe staff)