Atlantic Tele-Network sells U.S. Retail Wireless Business

January 22, 2013 1:48 PM/

BEVERLY, MASS. ? Atlantic Tele-Network, Inc., a telecommunications service provider to rural, niche and other under-served markets, announced today that it has agreed to sell its domestic retail wireless business operated under the Alltel name by ATN?s subsidiary Allied Wireless Communications Corporation . AT&T will purchase the operations in an all-cash transaction valued at approximately $ 780 million.

Allied, based in Little Rock, Arkansas, serves approximately 585,000 customers in rural areas of six states ? Georgia, North Carolina, South Carolina, Illinois, Ohio and Idaho, and generated revenues for the first nine months of 2012 of approximately $ 350 million.

In ATN?s public filings, these operations are consolidated within its U.S. Wireless segment. These operations generated operating income estimated to be approximately $ 34 million, which is net of depreciation and amortization expense of approximately $ 42 million, for the first nine months of 2012.

The transaction is subject to customary closing terms and conditions and regulatory approval from the Department of Justice and the Federal Communications Commission. The companies expect to complete the transaction in the second half of 2013. ? Source: Atlantic Tele-Network, Inc., AT&T.

Source: http://thudderwicks.com/2013/01/atlantic-tele-network-sells-u-s-retail-wireless-business/

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