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Atlantic completes acquisition of Alltel assets from Verizon
[April 27, 2010]

Atlantic completes acquisition of Alltel assets from Verizon

Apr 27, 2010 (TELECOMWORLDWIRE via COMTEX) -- Telecom company Atlantic Tele-Network Inc (ATN) (Nasdaq:ATNI) yesterday announced that it has completed the acquisition of former Alltel wireless assets from Verizon Wireless for a total purchase price of USD223m, which includes USD23 million of acquired net working capital.

The acquisition, which was completed through the Company's wholly owned subsidiary, Allied Wireless Communications Corporation (AWCC), was funded by a combination of cash on hand and borrowings under the Company's current credit facility. It includes wireless properties and licenses that serve approximately 895,000 subscribers in Georgia, North Carolina, South Carolina, Illinois, Ohio, and Idaho. The transaction is expected to generate around USD500m in annual service revenues during the first twelve months of its operation of the assets, according to ATN.

The company also announced that it has acquired a license to continue use of the Alltel name and accompanying service marks, including My Circle, in the acquired markets for an initial term of fourteen years and a total term of up to twenty-eight years. ATN may expand its use of the brand outside of these acquired markets subject to covered population limitations and certain other conditions.

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