SmarTalk to Buy GTI for $70 Million

Fast-growing SmarTalk Teleservices Inc. announced it would acquire Orlando, Fla.-based GTI Telecom Inc. for $70 million. The move would boost the Los Angeles-based prepaid telephone calling card firm’s market share in the retail drug and grocery segments. SmarTalk also would add GTI’s 4,000 locations, including Ralphs Supermarkets, to its 9,000 storefronts where customers can buy cards at the checkout counter. Last week, the company announced another major acquisition, of Boston-based SmarTel Communications, a maker of promotional cards for companies, including Gillette and Wells Fargo Bank.