Chase Capital Partners and J.P. Morgan Capital are financing a joint venture between Triton Communications and AT&T Communications.

Chase will invest $50 million; Morgan, $40 million in the construction and operation of an East Coast personal communications services system.

Other investors in Triton include Desai Capital Management and Toronto- Dominion Capital Partners, a unit of Toronto-Dominion Bank.

Under the agreement, Triton and AT&T will build a personal communications system in Virginia, the Carolinas, Georgia, and parts of the Washington-Baltimore corridor. AT&T will supply Triton the necessary platform in return for equity in the system. Triton will operate the system under the AT&T brand name.

"We think that, by being able to bring together the AT&T brand name and a good management team with the new PCS services, we can create an attractive company," said Arnold Chavkin, general partner of Chase Capital.

Triton, based in Malvern, Pa., was formed in August 1996 by Chase Capital, Morgan Capital, and the managers of the former Horizon Cellular Group, a wireless company that was being sold. The units of Chase Manhattan Bank and J.P. Morgan & Co. made a $1 million commitment to Triton this year.

"We've worked with the management team in the past, we have high regard for them, and we continue to be big believers in wireless telephony," added John Watkins, a J.P. Morgan vice president based in the San Francisco office.

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