AT&T Inc. said Tuesday it has agreed to a $780 million cash deal with Atlantic Tele-Network Inc. (ATNI) for the latter’s U.S. retail wireless operations. The deal nets the Dallas-based communications giant wireless spectrum that complements its current network, as well as 585,000 new subscribers.
The business, which operates under the Alltel brand, covers six states—Georgia, Idaho, Illinois, North Carolina, Ohio, and South Carolina—and generated $350 million of revenue through the first nine months of 2012. The transaction is expected to close in the second half of the year, pending approval from the Federal Communications Commission and the U.S. Department of Justice.
