AT&T (NYSE:T) said it would buy Atlantic Tele-Network's (NASDAQ:ATNI) U.S. retail wireless operations, operated under the Alltel name, for $780 million in cash.
The deal includes licenses, network assets, retail stores and around 585,000 subscribers.
Atlantic Tele-Network's U.S. network covers about 4.6 million people in rural areas of Georgia, Idaho, Illinois, North Carolina, Ohio and South Carolina. It generated revenues for the first nine months of last year of roughly $350 million.
The deal is expected to close in the second half of this year.
Following the close of the sale, Atlantic Tele-Network’s businesses will consist of Commnet, serving rural communities primarily in the Southwest U.S.; Sovernet, serving residential and business customers in New England; ION, serving rural communities in New York State; GT&T, serving Guyana; CellOne, serving Bermuda; and Choice, Islandcom and Mio, serving portions of the Caribbean islands.