Atlantic Tele-Network plots future acquisitions after AT&T windfall

28 Jan 2013

Atlantic Tele-Network Inc (ATNI), which recently agreed to sell its ‘Alltel’ retail operations to AT&T for USD780 million in cash, has indicated that it intends to invest the USD557 million profit to bankroll future acquisitions. Three years ago ATNI bought the unit from Verizon Wireless for just USD223 million. CEO Michael Prior comment: ‘We have a disciplined, long-term approach to managing our portfolio and intend to balance the use of the after-tax proceeds among new acquisition opportunities, a possible reduction in debt outstanding, investments in our existing lines of business and returns to shareholders through dividends’.

According to TeleGeography’s GlobalComms Database, ATNI currently has subsidiaries in a number of Caribbean nations, including: Choice Communications (based in the Virgin Islands US), Islandcom (Turks & Caicos), CellOne (Bermuda) and GT&T (Guyana).

United States, ATN International (formerly Atlantic Tele-Network)