GCI sold to Colorado-based Liberty Interactive Corp.

April 4, 2017 GMT

ANCHORAGE, Alaska (AP) — 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.