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ATN Completes Acquisition of Commnet

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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.
Sep 2005
The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
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