News block Thursday, July 22, 2021 All countries COVID-19 Cases193,006,610Total confirmed casesUpdated on July 22, 2021 2:18 PM
type here…Search Sign in Welcome! Log into your account your username your password Forgot your password? Get help Password recovery Recover your password your email A password will be e-mailed to you. ATN International, Inc. Completes Acquisition of Alaska Communications
By Patricia Bartell July 22, 2021 Share Facebook Twitter Pinterest VK WhatsApp
Must Read – Advertisement – TechTimothy James – July 22, 2021
Facebook spent more than $ 31 million on personal security for Zuckerberg and Sandberg in 2020
EntertainmentTimothy James – July 22, 2021
Meet Rose, the grocery brand championing a new kind of cannabis ecosystem
BusinessPatricia Bartell – July 22, 2021
ATN International, Inc. Completes Acquisition of Alaska Communications
BEVERLY, Mass., July 22, 2021 (GLOBE NEWSWIRE) – ATN International, Inc. (NASDAQ: ATNI) (“ATN”) announced today that, together 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 a 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 became the right to receive $ 3.40 in cash. ATN will consolidate the results of Alaska Communications operations in its “US Telecom” segment.
Michael Prior, President and CEO of ATN, stated, “We are pleased to report that we have completed this acquisition. The Alaska Communications team’s emphasis on customer satisfaction and its strategic investments in fiber-based wholesale and business services have created a great foundation on which we can build. We intend to leverage our operational resources and expertise, as well as the capabilities of our partners at Freedom 3, to take advantage of the opportunities that we have identified together in the Alaskan communications markets. “
Bill Bishop, President and CEO of Alaska Communications, stated, “Our work with the ATN team has already demonstrated a shared strategy to improve our fiber network services, provide superior customer service, and drive new services for our customers in Alaska”.
More information, including results for the second quarter and first half of 2021 for each of ATN and Alaska Communications, will be available when ATN publishes its results, after the market on Wednesday, July 28, 2021.
Bank Street Group LLC acted as sole financial advisor and Morrison & Foerster LLP acted as legal advisor to ATN and F3C in connection with the transaction.
B. Riley Securities, Inc. acted as financial advisor and Sidley Austin LLP acted as legal advisor to Alaska Communications in connection with the transaction.
ATN International, Inc. (Nasdaq: ATNI), headquartered in Beverly, Massachusetts, invests and operates technology and communications businesses in the United States and internationally, including the Caribbean region, with a particular focus on markets requiring significant investment. in infrastructure. and improvements. Our operating subsidiaries currently provide primarily: (i) advanced fixed and wireless connectivity to residential and business customers, including a range of high-speed Internet services, mobile wireless solutions, video services, and local exchange services, and (ii) services of wholesale communications infrastructure such as fiber optic land and submarine transport, communications towers, managed mobile networks and wireless systems in buildings. For more information please visit www.atni.com.
About Freedom 3 Capital
Freedom 3 Capital invests in companies at tipping points. We help middle market companies address strategic growth opportunities by offering unique capital solutions. Our investment process provides F3C with the flexibility to tailor investment structures to industry dynamics, company-specific requirements, and the long-term business goals of the management team and owners. Beyond the value of our capital, we believe that our private equity approach to lending creates valuable and lasting partnerships with stakeholders and management teams. Currently, F3C is investing from Fund 4 with offices in New York and Kansas City.
About Alaska Communications
Alaska Communications is the leading provider of advanced broadband and information technology services for businesses and consumers in Alaska. Alaska Communications operates an advanced and highly reliable state data network with the latest technology and the most diverse submarine fiber optic system connecting Alaska to the contiguous United States. For more information visit www.alaskacommunications.com or www.alsk.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and include statements that use words such as will and expectations, and similar statements. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations. Risks and uncertainties include, but are not limited to, risks and uncertainties related to (i) our ability to integrate the acquired business successfully and achieve anticipated cost savings and other synergies; and (ii) the possibility that other anticipated benefits of the transaction will not be realized, including, but not limited to, income, expenses, earnings and other anticipated financial results. The above list of factors is not exhaustive. You should carefully consider the above factors and the other risks and uncertainties affecting ATN’s business described in the “Risk Factors” section of ATN’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 1, 2021 and other reports and documents filed periodically with the SEC. These presentations identify and address other significant risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Copies of these presentations are available online at go.atni.com. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and ATN assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. ATN makes no guarantee that it will meet your expectations.
Michael T. Prior
President and CEO
Justin D. Benincasa