Alltel to exchange wireless properties to meet divestiture requirements; Alltel gains Idaho wireless properties in transaction w
September 12 2005 - 9:18PM
Business Wire
Alltel (NYSE:AT) today announced an agreement to exchange 850 MHz
wireless properties with U.S. Cellular of Chicago in an agreement
that meets a substantial portion of the divestiture requirements
related to Alltel's merger with Western Wireless Corp. Alltel will
acquire two Rural Service Area (RSA) markets in Idaho and receive
$50 million in cash in exchange for 15 rural markets in Kansas and
Nebraska owned by Western Wireless that the U.S. Department of
Justice ordered Alltel to sell in connection with the Western
Wireless merger. Alltel will retain ownership of the Lincoln, Neb.,
market that was owned by Western Wireless. The company also will
retain ownership of all the properties in Kansas and Nebraska that
it operated prior to the merger with Western Wireless. The two
markets Alltel is acquiring include 22 counties in southern and
eastern Idaho, areas that are adjacent to the company's operations
in the state. The Department of Justice order also requires Alltel
to divest a rural market in southwest Arkansas and the Cellular One
brand. The company expects to be in compliance with the order of
disposal within the four-month allotted time frame. The transaction
with U.S. Cellular is subject to federal regulatory approval. It is
expected to close in the fourth quarter of 2005. The agreement
includes licenses, network assets, customers and employees. Alltel
is a customer-focused communications company with more than 15
million customers in 36 states and nearly $10 billion in annual
revenues. Alltel claims the protection of the safe-harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
subject to uncertainties that could cause actual future events and
results to differ materially from those expressed in the
forward-looking statements. These forward-looking statements are
based on estimates, projections, beliefs, and assumptions and are
not guarantees of future events and results. Actual future events
and results may differ materially from those expressed in these
forward-looking statements as a result of a number of important
factors. Representative examples of these factors include (without
limitation) adverse changes in economic conditions in the markets
served by Alltel; the risks associated with the extent, timing, and
overall effects of competition in the communications business;
material changes in the communications industry generally that
could adversely affect vendor relationships with equipment and
network suppliers and customer relationships with wholesale
customers; changes in communications technology; the risks
associated with pending acquisitions and dispositions, including
the pending acquisition of the Idaho markets and the pending
dispositions of Western Wireless' Kansas and Nebraska markets and
international assets; the risks associated with the integration of
acquired businesses, including the integration of Western Wireless;
the uncertainties related to any discussions or negotiations
regarding the sale of any of the international assets; adverse
changes in the terms and conditions of the wireless roaming
agreements of Alltel; the uncertainties related to Alltel's
strategic investments; the effects of litigation; and the effects
of federal and state legislation, rules, and regulations governing
the communications industry. In addition to these factors, actual
future performance, outcomes, and results may differ materially
because of more general factors including (without limitation)
general industry and market conditions and growth rates, economic
conditions, and governmental and public policy changes. Alltel,
NYSE: AT www.alltel.com
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