ST. THOMAS, U.S. Virgin Islands-Telecommunications company Atlantic Tele-Network Inc. signed an agreement to add Commnet Wireless L.L.C. to its line-up of telecommunications holdings in a cash deal worth $59 million.
“As our stockholders know, we have been looking for opportunities to acquire attractive telecom operating assets to balance our existing investments in the Caribbean,” said Cornelius Prior Jr., chairman and chief executive officer of ATN. “Commnet also continues our investment emphasis on wireless service in recent years, as we have grown to over 200,000 mobile subscribers today in Guyana and Bermuda. Commnet’s carrier-to-carrier wireless operations are a good addition, providing us with another stable communications property operating in a smaller niche market with a manageable competitive environment.”
Headquartered in Atlanta, Commnet offers wholesale wireless services throughout rural areas throughout the United States using GSM/GPRS, TDMA, CDMA and analog technologies in both the 850 MHz and 1900 MHz bands.
ATN owns stakes in Guyana Telephone and Telegraph Company Ltd. and Bermuda Digital Communications Ltd., and 100 percent of Choice Communications L.L.C.
