AT&T (T) Updates Pending Sale/Acquisition of Wireless Assets Involving Verizon Wireless and Centennial Communications (CYCL)
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AT&T (NYSE: T) anticipates its pending acquisition of wireless assets from Verizon Wireless (NYSE: VZ) (NYSE: VOD) to be completed in the first quarter of 2010. On May 8, 2009, the two companies entered into an agreement under which AT&T would acquire properties from Verizon Wireless, including licenses, network assets and 1.5 million subscribers (as of signing) in 79 service areas across 18 states.
Verizon Wireless is required to divest these properties as part of the regulatory approvals granted for its purchase of Alltel earlier this year. The transaction primarily represents former Alltel assets, but it also includes assets from Verizon Wireless and the former Rural Cellular Corporation.
Separately, AT&T announced that it anticipates its pending sale of former Centennial Communications Corp. (Nasdaq: CYCL) wireless assets to Verizon Wireless to be completed in the first quarter of 2010. On May 8, 2009, the two companies entered into an agreement under which Verizon Wireless would acquire from AT&T wireless properties, including licenses, network assets and nearly 120,000 subscribers (as of signing) in five service areas in Louisiana and Mississippi. The five service areas are Lafayette, La., LA-5 (Beauregard), LA-6 (Iberville), LA-7 (West Feliciana) and MS-8 (Claiborne).
AT&T's acquisition of the properties remains contingent upon regulatory approval. Reviews by the Federal Communications Commission and the Department of Justice are under way, and both AT&T and Verizon Wireless remain committed to closing the transaction as soon as possible.
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Verizon Wireless is required to divest these properties as part of the regulatory approvals granted for its purchase of Alltel earlier this year. The transaction primarily represents former Alltel assets, but it also includes assets from Verizon Wireless and the former Rural Cellular Corporation.
Separately, AT&T announced that it anticipates its pending sale of former Centennial Communications Corp. (Nasdaq: CYCL) wireless assets to Verizon Wireless to be completed in the first quarter of 2010. On May 8, 2009, the two companies entered into an agreement under which Verizon Wireless would acquire from AT&T wireless properties, including licenses, network assets and nearly 120,000 subscribers (as of signing) in five service areas in Louisiana and Mississippi. The five service areas are Lafayette, La., LA-5 (Beauregard), LA-6 (Iberville), LA-7 (West Feliciana) and MS-8 (Claiborne).
AT&T's acquisition of the properties remains contingent upon regulatory approval. Reviews by the Federal Communications Commission and the Department of Justice are under way, and both AT&T and Verizon Wireless remain committed to closing the transaction as soon as possible.
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