AT&T* T today announced that it has signed an agreement with Atlantic
Tele-Network, Inc. ATNI to acquire the company's U.S. retail wireless
operations, operated under the Alltel brand, for $780 million in cash. Under
terms of the agreement, AT&T will acquire wireless properties, including
licenses, network assets, retail stores and approximately 585,000 subscribers.
ATNI operates under the Alltel name in the U.S., and its network covers
approximately 4.6 million people in primarily rural areas across six states —
Georgia, Idaho, Illinois, North Carolina, Ohio and South Carolina. The
acquisition includes spectrum in the 700 MHz, 850 MHz and 1900 MHz bands and
is largely complementary to AT&T's existing network. ATNI currently operates a
retail CDMA network for its subscribers in these areas. AT&T expects that as
it upgrades the network, ATNI customers and existing AT&T customers who roam
in these areas will enjoy an enhanced mobile Internet experience.
AT&T expects integration costs for network conversion from CDMA will not
result in significant dilution to EPS or impact to cash flow. The transaction
is subject to review by the Federal Communications Commission and the
Department of Justice and to other customary closing conditions and is
expected to close in the second half of 2013.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in