McCaw Cellular Communications Inc has agreed an exchange of franchise interests with Associated Communications Corp of Pittsburgh: Associated will buy McCaw systems in Albany and Glen Falls, New York and McCaw’s 28.7% stake in a Rochester franchise, paying $82.5m in either cash or a three-year note secured on Associated’s Pittsburgh franchise; the New York State franchises will be combined in an equally-owned joint venture which will also include a system in Buffalo, where each already owns 50%; Associated will also put its stake in Bay Area Cellular Co into the joint venture, which will then hold 6% while McCaw and PacTel Corp will each have 47%.
