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Verizon Wireless Finds Buyer for Remaining Alltel Assets

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Official Statement from Atlantic Tele-Network

Eric M. Zeman

Jun 9, 2009, 11:52 AM
I asked Verizon corporate about this. Verizon is not issuing a press release. Atlantic Tele-Network issued the following release:
Atlantic Tele-Network to Acquire Divestiture Properties from Verizon Wireless

Business Wire SALEM, Mass. -- June 09, 2009 Atlantic Tele-Network, Inc. (NASDAQ:ATNI) today announced a definitive agreement to acquire certain wireless assets from Verizon Wireless for $200 million. Under terms of the agreement, ATN will acquire wireless properties, including wireless spectrum licenses and network assets,serving over 800,000 subscribers primarily in rural areas across Georgia,North Carolina, South Carolina, Illinois, Ohio, and Idaho. Verizon Wireless is required to divest these properties as part of the re
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Slammer

Jun 9, 2009, 12:41 PM
I find this very interesting Eric as every media news coverage had AT&T pegged as the buyer as well as ATT themselves practically confirming the buy. What happened?
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Eric M. Zeman

Jun 9, 2009, 12:48 PM
AT&T is still buying the other 79 markets.
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dave73

Jun 9, 2009, 12:52 PM
I'm surprised USCC didn't acquire any of the divested markets. I thought for sure that they were gonna acquire parts of the Carolinas, or even part of Virginia. Did Verizon want too much for these markets that USCC didn't buy any?
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rmtp22

Jun 9, 2009, 1:47 PM
USCC is a cash and carry only company. USCC did not want to go into debt for the purchase.
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WiWavelength

Jun 9, 2009, 4:12 PM
rmtp22 said:
USCC is a cash and carry only company. USCC did not want to go into debt for the purchase.


I doubt that was the reason. The purchase price was only $200 million. For 26 Cellular 850 MHz markets and 800,000 subs, that is a fire sale price.

VZW obviously wanted the deal to close, hence dumped the remaining ALLTEL assets at below market value. And, perhaps, VZW did not want to sell them to a competitor that it hopes to later acquire.

AJ
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rmtp22

Jun 10, 2009, 10:13 AM
Yes - I would agree with you. I was more referring to the overall package (The 76 markets that ATT agreed to buy). Thought the Dakota's and WY would have been a great addition.
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WiWavelength

Jun 10, 2009, 12:00 PM
rmtp22 said:
Yes - I would agree with you. I was more referring to the overall package (The 76 markets that ATT agreed to buy). Thought the Dakota's and WY would have been a great addition.


The going rate in that recent divestment transaction between VZW & AT&T was greater than $1500 per subscribed POP. The going rate in this divestment transaction between VZW & Commnet was only $250 per subscribed POP.

AJ
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rmtp22

Jun 10, 2009, 12:14 PM
And that backs up my point... I don't think USCC had the capital to make that purchase... they refuse to go into debt. Even though Alltel's divestures would have been a perfect fit.
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algorithmplus

Jun 11, 2009, 5:25 PM
Yeah, I do agree about the Dakotas and Wyoming as a great addition to AT&T. I always thought it was a shame that Western Wireless sold out to Alltel instead of Cingular, but I guess a giant portion ended up going to AT&T in end anyway.
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