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ATandT completes acquisition: The telecom giant buys Centennial in a $2.7 billion deal.Nov 07, 2009 (Tulsa World - McClatchy-Tribune Information Services via COMTEX) -- AT&T Inc., the nation's second largest wireless phone company, has completed its acquisition of New Jersey-based Centennial Communications Corp., enhancing its network coverage in the Midwest, Southeast, Puerto Rico and the U.S. Virgin Islands, company executives said Friday. The $2.7 billion deal, which the companies announced earlier this year, will add 893,000 former Centennial wireless subscribers to AT&T's portfolio, bringing its total wireless customers to 82.5 million, second to Verizon Wireless' 87.7 million subscribers. "The addition of Centennial will enhance AT&T's assets in wireless -- a strategic priority and one of our biggest growth drivers -- and service for customers of both companies," said Ralph de la Vega, president and CEO of AT&T Mobility and Consumer Markets. "We're excited to give Centennial wireless subscribers access to the nation's fastest 3G network plus our premier lineup of smartphones and unmatched portfolio of applications and services." De la Vega said the deal will improve AT&T's network reliability and extend its coverage in primarily rural areas of Texas, Louisiana, Indiana, Michigan and Ohio. "And as Centennial's broadband network in Puerto Rico is integrated with AT&T's extensive global network and advanced service offerings, we'll offer corporations that operate in Puerto Rico the benefits of end-to-end service over a single network," de la Vega said. As previously announced, Centennial stockholders will receive $8.50 per share in cash. Centennial has no operations, customers or employees in Oklahoma, but it operates facilities in Beaumont/Port Arthur, Texas, officials said. AT&T's acquisition of Centennial has been reviewed and approved by the Federal Communications Commission. As part of a consent decree for the transaction, the U.S. Department of Justice and the Louisiana attorney general approved the merger after AT&T agreed to divest operations in eight service areas in Louisiana and Mississippi. Centennial, which has 2,700 employees and is based in Wall, N.J., reported last month fiscal first-quarter net income of $19.5 million, or 17 cents a share, compared with $7.5 million, or 7 cents a share, in the year-earlier period. D.R. Stewart 581-8451 [email protected] To see more of the Tulsa World, or to subscribe to the newspaper, go to http://www.tulsaworld.com. Copyright (c) 2009, Tulsa World, Okla. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |