First Avenue, FiberTower to merge in $2.14B deal

Fixed wireless services provider First Avenue Networks has agreed to merge with wireless backhaul networking provider FiberTower; First Avenue will issue FiberTower $2.14 billion in stock. First Avenue president and CEO Michael Gallagher will become CEO of the merged company, which will be called FiberTower. While the two companies' businesses are similar, they claim there is little overlap, so massive layoffs are unlikely. FiberTower mostly has deals in suburban and rural markets, while First Avenue works in the urban and metropolitan market, which is exactly how the market breaks down between the two companies in the New York City area.

For more on the impending merger:
- see this article from The Wall Street Journal (sub. req.)