Verizon Wireless announced Tuesday that it will likely change the terms of a $1.5 billion deal it struck in November to buy Price Communications, a wireless provider operating in four states. Verizon originally planned to buy the provider for $2.06 billion, with three-quarters of the sum to be paid by Verizon Wireless common stock.
The deal hinged on whether Verizon would have an initial public offering by Sept. 30. If not, both sides agreed that the deal would be restructured. Verizon postponed the IPO in October. In a statement released Tuesday, Verizon said it is unlikely the public offering will occur before Sept. 30.