P.M. Briefing : Leo’s to Buy 20th Century Cellular
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Leo’s Industries Inc. announced today in Long Beach it has reached an agreement in principle to acquire Twentieth Century Cellular Inc., a cellular telephone reseller. Terms of the agreement were not disclosed.
Leo’s Industries is the parent company of the 39-store Leo’s Stereo store chain, the largest cellular telephone agent for L.A. Cellular in Southern California.
The agreement may be worth $15 million in earnings over the first three years of the agreement, said Paul Cohen, chief executive officer.
Leo’s began selling and installing cellular telephones in vehicles last year, and the company has now sold more than 10,000 units, with the current base increasing at a rate of more than 1,500 new telephones each month.
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