ATN International, Inc. Announces Agreement to Acquire Alaska Communications

About this update from Atn International, Inc.

[{"type":"text","content":"- Conference Call Scheduled for 9am ET Today to Discuss the Transaction -\nBEVERLY, Mass., Jan. 04, 2021 (GLOBE NEWSWIRE) -- ATN International, Inc. (NASDAQ: ATNI) (“ATN”) announced today that it has agreed to acquire Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) (“Alaska Communications”) in an all cash transaction valued at approximately $332.0 million, including outstanding net debt. ATN and financial partner Freedom 3 Capital, LLC (“F3C”) created a newly formed entity that has entered into a definitive agreement to acquire all the outstanding shares of Alaska Communications common stock for $3.40 per share in cash. ATN will operate and consolidate the new entity and Alaska Communications through its majority ownership stake. Michael Prior, Chairman and Chief Executive Officer of ATN, stated, “This investment and merger allows us to enter a new market with many similar characteristics to our existing operations in the U.S. and elsewhere. Further, it aligns with our strategy to leverage the broad capabilities of our operating platform to enhance and augment leading providers of facilities-based communications services in distinctive markets. ATN has a long history of enabling its subsidiaries to gain and maintain strong market positions by investing in high quality infrastructure, the latest technologies and creative solutions to give customers a superior experience. We recognize the same determination and customer-centric approach in the Alaska Communications team. Our industry is rapidly changing, and communications requirements have never been more essential and critical than they are today. We look forward to combining our resources and experience with Alaska Communications’ market knowledge and reputation for superior service to provide industry-leading communications products and services to customers in Alaska and beyond.” Bill Bishop, President and Chief Executive Officer of Alaska Communications, stated, \"This transaction represents an exciting opportunity to augment our market position, as well as expand our capabilities to better serve our customers. ATN has extensive telecommunications expertise, a strong track record of successfully investing in and operating capital-intensive businesses and has a strong financial position highlighted by its net cash position. These are critical attributes that will sup...

More updates from Atn International, Inc.