Mobile phone network provider CSI to sell to Verizon for $1.5 billion

Up to 10 million phones could be sold off as part of a takeover by Verizon Communications Inc. and its $1,500 per handset program.

The deal would give Verizon its biggest mobile phone network in the country, but the telecommunications company is still working out details about the deal.

The company has not yet announced details of what it is selling, but Verizon Chief Executive Lowell McAdam said in a news conference Thursday that it would sell “substantial assets” to bring in more cash to cover the costs of the deal and the buyout.

The purchase of a majority stake in Csi Telecom, which makes wireless networks for AT&T Inc. customers, would bring Verizon back into the telecommunications industry after a series of acquisitions that have resulted in its market share in the United States shrinking and slowing its growth.

Csi has been operating out of a former AT&ltd building in Chicago.

Csi is based in Austin, Texas.

The company is one of the fastest-growing wireless carriers in the U.S. and has expanded its presence in other markets.CSI said it would provide Verizon with “a large number of high-end mobile phone services” including video calling and video streaming, as well as Internet services such as Wi-Fi.

The deal could also include a number of enterprise offerings.

Verizon is a dominant mobile phone carrier and a major player in the Internet market.

The telecommunications company’s net revenue grew nearly 20 percent to $13.3 billion last year, driven in part by the acquisition of Time Warner Inc.

The Verizon-Csi merger is expected to be approved by regulators as early as next week, the carrier said in its annual filing with the Securities and Exchange Commission on Thursday.

Verizon has about 2.5 million subscribers.

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