Atlantic Tele-Network Acquires Alltel Divestitures

by Jamie Walden  on Tuesday, Jun. 9, 2009 9:14 am  

Atlantic Tele-Network Inc. of Salem, Mass., announced Tuesday an agreement to acquire Alltel divestiture assets in a deal worth about $200 million.

The assets include wireless spectrum licenses and network assets serving about 800,000 subscribers in mostly rural areas in Georgia, North Carolina, South Carolina, Illinois, Ohio and Idaho, according to a news release.

ATN (Nasdaq: %%ATNI%%) will purchase the assets from Verizon Wireless in cash, about $90 million of which it has on hand. The rest ATN will borrow.

The acquisition is subject to regulatory approval by the Department of Justice and the Federal Communications Commission.

ATN expects the deal to close during the third or fourth quarter of this year.

The FCC and the DOJ ordered Verizon Wireless to divest assets in 105 markets as part of the $28.1 billion Alltel merger, which closed in January.

AT&T recently snapped up some of the assets in limbo, including about 1.5 million subscribers, for about $2.35 billion.



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