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ATN International, Inc. Completes Acquisition of Alaska Communications
BEVERLY, Mass., July 22, 2021 (GLOBE NEWSWIRE) -- ATN International, Inc. (NASDAQ: ATNI) (“ATN”) announced today that it, along with its financial partner
About this update from Atn International, Inc.
[{"type":"text","content":"BEVERLY, Mass., July 22, 2021 (GLOBE NEWSWIRE) -- ATN International, Inc. (NASDAQ: ATNI) (“ATN”) announced today that it, along with its financial partner Freedom 3 Capital, LLC (“Freedom 3”), has completed its previously announced acquisition of Alaska Communications Systems Group, Inc. (“Alaska Communications”) in an all-cash transaction valued at approximately $343 million, including outstanding net debt. Under the terms of the merger agreement, each outstanding share of Alaska Communications’ common stock was converted into the right to receive $3.40 in cash. ATN will consolidate the results of Alaska Communications' operations in its \"US Telecom\" segment. Michael Prior, Chairman and Chief Executive Officer of ATN, stated, “We are pleased to report that we have completed this acquisition. The Alaska Communications team’s emphasis on customer satisfaction and their strategic investments in fiber-based enterprise and wholesale services have created a great foundation for us to build upon. We intend to draw upon our operational resources and expertise as well as the capabilities of our partners at Freedom 3 to take advantage of the opportunities we have identified together in the Alaska Communications markets.” Bill Bishop, President and Chief Executive Officer of Alaska Communications, stated, \"Our work with the ATN team already has demonstrated a shared strategy to enhance our fiber network services, deliver superior customer care and drive new services for our customers in Alaska.” Further information, including results for the second quarter and first half of 2021 for each of ATN and Alaska Communications will be available when ATN releases its results, after market on Wednesday, July 28, 2021. Advisors The Bank Street Group LLC acted as exclusive financial advisor and Morrison & Foerster LLP acted as legal advisor to ATN and F3C in connection with the transaction. B. Riley Securities, Inc. served as financial advisor and Sidley Austin LLP served as legal advisor to Alaska Communications in connection with the transaction. About ATNATN International, Inc. (Nasdaq: ATNI), headquartered in Beverly, Massachusetts, invests in and operates communications and technology businesses in the United States and internationally, including the Caribbean region, with a particular focus on markets with a need for significant infrastruct...