ATN Completes Acquisition of Commnet

ST. THOMAS, US Virgin Islands, Sept. 16 -- Atlantic Tele-Network Inc. (ATN) announced that it has completed its acquisition of 95 percent of Atlanta, Ga. -based Commnet Wireless LLC. ATN paid slightly less than $59 million to complete the acquisition, including the repayment of approximately $5.4 million in Commnet debt. ATN used cash on hand of approximately $12 million and additional debt of $47 million complete the purchase; the US Federal Communications Commission approved the acquisition in August.

ATN and its subsidiaries provide voice and data services in Guyana, Bermuda and the Virgin Islands. Commnet owns and operates mobile wireless networks in rural areas of Arizona, California, Colorado, Florida, Illinois, Missouri, Montana, New Mexico, North and South Dakota, Tennessee and Wyoming. Commnet will become a subsidiary of ATN and will continue to be managed by Brian Schuchman and his management team; Schuchman will remain a 5 percent owner of Commnet.