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Alaska Communications announces USD300m sale to Macquarie, GCM Grosvenor

4 Nov 2020

Alaska Communications has entered into a definitive agreement with Macquarie Capital and GCM Grosvenor which will see the telco sold for approximately USD300 million, including debt. Under the terms of the agreement, an affiliate of Macquarie and GCM will acquire all the outstanding shares of Alaska Communications common stock for USD3.00 per share in cash. This represents a premium of approximately 57% over the closing per share price of USD1.91 on 2 November 2020 (i.e. the last trading day prior to the date the merger agreement was executed).

The deal is subject to the approval of Alaska Communications’ stockholders, regulatory approvals and other customary closing conditions. Alaska Communications’ Board of Directors has unanimously approved the agreement with Macquarie and recommends that the company’s stockholders also approve the proposed merger agreement. TAR Holdings, which owns approximately 8.8% of the outstanding shares of common stock, has already entered into a voting agreement with Macquarie and GCM, to vote in favour of the merger. The all-cash transaction is expected to close in the second half of 2021 and will result in Alaska Communications becoming a privately held company.

Note: under the terms of the agreement, Alaska Communications may solicit superior proposals from third parties for a period of 30 calendar days (the ‘Go-Shop’) ending on 3 December 2020. The telco has confirmed that it intends to explore this option.

United States, Alaska Communications, Macquarie Group

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