Alaska Communications ditches Macquarie offer in favour of ATN International bid

5 Jan 2021

Alaska Communications has confirmed that it has entered into a definitive agreement pursuant to which the company will be acquired by a newly formed entity owned by ATN International (ATNI) and Freedom 3 Capital. Agreed on 31 December 2020, the all-cash transaction is valued at approximately USD332 million, including net debt.

TAR Holdings, which owns approximately 8.8% of the outstanding shares of Alaska Communications common stock, has entered into a voting agreement with ATN and says it will vote in favour of the merger. The merger will result in Alaska Communications becoming a consolidated, majority owned subsidiary of ATN and is expected to close in the second half of 2021.

As a result, Alaska Communications’ prior USD320 million agreement to be acquired by Macquarie Capital and GCM Grosvenor (through its Labor Impact Fund) has been terminated. In connection with the termination, Alaska Communications has confirmed that it has paid Macquarie and GCM a USD6.8 million break-up fee.