ATN International to Buy Alaska Communications for $3.40/Share

By Colin Kellaher

Alaska Communications Systems Group Inc. on Monday said it has agreed to be acquired by ATN International Inc. and has terminated its previous deal with Macquarie Capital and GCM Grosvenor Inc.

The Anchorage, Alaska, provider of broadband and IT services said it will be acquired for $3.40 a share by a newly formed entity owned by ATN and Freedom 3 Capital LLC in an all cash deal valued at roughly $332 million, including debt.

ATN, a Beverly, Mass., provider of telecommunications services, said it will operate and consolidate the new entity and Alaska Communications through its majority ownership stake.

Alaska Communications said it has ended its previous agreement to be acquired by Macquarie and GCM for $3.26 a share and paid a $6.8 million break-up fee.

ATN said it expects to complete the transaction in the second half of the year.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 04, 2021 08:06 ET (13:06 GMT)

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