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[April 27, 2010]
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 on Monday.
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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