ATN to pay USD200mn for Verizon assets

10 Jun 2009

Atlantic Tele-Network (ATN) has reached an agreement with Verizon Wireless to acquire assets serving over 800,000 customers. Verizon is required to divest these assets as part of the regulatory approvals granted for its purchase of Alltel earlier this year. ATN will pay USD200 million for wireless spectrum licences and network infrastructure in primarily rural areas of Idaho, Illinois, Ohio, North Carolina, South Carolina and Georgia. Michael Prior, President and CEO of ATN, said, ‘This is a very attractive transaction for ATN and it accomplishes what we have been patiently seeking over the past few years. We believe that our long history of operating success in comparable markets, combined with our financial resources, makes these businesses an ideal fit for us.’ The deal is subject to regulatory approval, ATN expects the acquisition to be completed by the end of the year.

United States, Alltel Corporation, Verizon Communications, Verizon Wireless