The second-largest U.S. wireless carrier, AT&T has reached an all-cash deal to acquire Atlantic Tele-Network Inc.’s (ATNI) retail wireless operations in the U.S. for about $780 million.
The deal includes purchase of licenses, retail stores and network assets, 585,000 subscribers along with compatible spectrum. It had revenues of $350 million in the first 9 months of 2012, with operating income of about $34 million.
Atlantic Tele-Network operates under the Alltel name in the U.S. and its network covers about 4.6 million people primarily in rural areas in Georgia, Idaho, Illinois, North Carolina, Ohio and South Carolina.
Atlantic Tele-Network’s President and Chief Executive Officer Michael T. Prior said that once the transaction is completed, the company will consider several options in deciding how to use the after-tax proceeds.
Among those options are exploring acquistions, reducing debt, investing in existing businesses, and returning money to shareholders through dividends, Prior said.
ATNI also operates a small CDMA network for subscribers in its markets, but this will not be compatible with AT&T’s GSM network.Recommended posts:
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The post How U.S. cellular giant AT&T snatched Alltel for $780 million? appeared first on CEOWORLD Magazine.
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