Atlantic Tele-Network acquires former Alltel assets from Verizon Wireless for USD223m
Apr 27, 2010 (M2 EQUITYBITES via COMTEX) --
Telecoms company Atlantic Tele-Network Inc (NASDAQ:ATNI) has completed
its acquisition of certain former Alltel wireless assets from mobile
operator Verizon Wireless for a total of USD223m, the company declared
The purchase price includes USD23m of acquired net working capital.
Atlantic Tele-Network signed a definitive agreement with Verizon
Wireless in June 2009 to purchase wireless properties, including
wireless spectrum licences and network assets, serving approximately
895,000 subscribers primarily in rural areas across Georgia, South
Carolina, North Carolina, Illinois, Ohio and Idaho.
The company expects these wireless properties to generate approximately
USD500m in annual service revenues during the first 12 months of its
operation of the assets.
Atlantic Tele-Network will continue wireless service under the Alltel
brand name in the acquired markets.
Verizon Wireless was required to divest these assets as part of the
regulatory clearance granted for its purchase of Alltel.
The acquisition by Atlantic Tele-Network was approved by the US
Department of Justice on 7 April 2010 and by the US Federal
Communications Commission on 20 April 2010.
Verizon Wireless is a joint venture of Verizon Communications (NYSE:VZ)
and Vodafone (Nasdaq:VOD) (LSE:VOD).
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