AT&T Inc. (NYSE:T) completed its transaction to acquire the wireless properties of Atlantic Tele-Network, Inc. (NASDAQ:ATNI) under the Alltel brand for $780 million.
The assets purchased by AT&T Inc. (NYSE:T) include spectrum licenses, network assets, retail stores and almost 590,000 subscribers in six states. The networks of Atlantic Tele-Network, Inc. (NASDAQ:ATNI) cover around 4.5 million people, mostly in rural areas of Idaho, Illinois, Georgia, North Carolina, South Carolina, and Ohio.
At this year's SALT New York conference, Jean Hynes, the CEO of Wellington Management, took to the stage to discuss the role of active management in today's investment environment. Hynes succeeded Brendan Swords as the CEO of Wellington at the end of June after nearly 30 years at the firm. Wellington is one of the Read More
AT&T would upgrade the previous network of Atlantic
AT&T Inc. (NYSE:T) said it would upgrade the previous network of Atlantic Tele-Network, Inc. (NASDAQ:ATNI) immediately, and it is planning to move its customers to its network in the middle of 2014.
The Federal Communications Commission (FCC) approved the acquisition agreement on September 20.
In a statement, Michael T. Prior, chief executive officer of Atlantic Tele-Network, Inc. (NASDAQ:ATNI) said, “On behalf of the Company, I’d like to thank all of our employees for their commitment to the Alltel business and its customers. They tackled many hard issues with skill and energy, and we wish them all success in the future. In addition to the continued operation of our remaining domestic and international businesses, we look forward to finding new opportunities to build value for our shareholders.”
Atlantic Tele-Network, Inc. (NASDAQ:ATNI) is based in Massachusetts and provides telecommunications services, such as wireline and wireless connectivity to residential and business customers in rural and other under-served markets and geographies in the United States, Bermuda, and the Caribbean.
Meanwhile, AT&T Inc. (NYSE:T) projected that it would be able to deliver record smartphone sales in the third quarter driven by strong customer response to its new marketing initiatives, new devices, and its 4G LTE network.
The telecommunications company boasts that its 4G LTE network is the fastest and most reliable, and it is now covering 240 million users. AT&T Inc. (NYSE:T) anticipated that its third quarter smartphone upgrades would be similar in the previous quarter, and higher year-over-year. It also expects that the number of its smartphone consumers would increase by a million for the quarter.
In addition, AT&T Inc. (NYSE:T) forecasted that its year-over-year smartphone upgrades in the fourth quarter would be lower. Furthermore, the company said it is investing aggressively to expand its Project VIP network, the strong sales of which result from its U-verse business. The company estimated that its total U-verse subscribers will reach 10 million by the end of the quarter.
AT&T is looking for opportunities
Moreover, the company said its consumer wireline revenue growth for the quarter would be in line with its performance in the second quarter last year.
AT&T Inc. (NYSE:T) is looking for opportunities to make from some of all of its remaining wireless towers.