An Alaska telecommunications company has been sold.
GCI in an announcement says it has been acquired by Colorado-based Liberty Interactive Corp. The company will be renamed GCI Liberty.
GCI co-founder and chief executive officer Ron Duncan says that as part of a larger company, GCI will be better positioned to serve Alaskans and customers in other states.
The company says GCI will remain a freestanding operation within GCI Liberty and its leadership team and brand will not change.
GCI headquarters will stay in Anchorage.
For each share of GCI stock, shareholders will receive $32.50 in GCI Liberty stock, made up of $27.50 in common stock and $5 in a new preferred stock.
GCI says the sale is subject to regulatory review and is expected to close in 2018.
