AT&T and Centennial Communications Announce Justice Department Clearance for Acquisition of Centennial by AT&T
AT&T* and Centennial Communications Corp. (NASDAQ: CYCL) announced that the Department of Justice has cleared AT&T’s proposed acquisition of Centennial. The Department has entered into a consent decree with AT&T and Centennial that allows the acquisition to proceed, while requiring that AT&T divest Centennial’s operations in eight service areas in Louisiana and Mississippi. The eight service areas are Alexandria, La., Lafayette, La., LA-3 (DeSoto), LA-5 (Beauregard), LA-6 (Iberville), LA-7 (West Feliciana), MS-8 (Claiborne) and MS-9 (Copiah).
“We are pleased with the Department of Justice’s decision and see it as an important step toward closing our acquisition of Centennial,” said Wayne Watts, Senior Executive Vice President and General Counsel, AT&T Inc. “The combination of AT&T and Centennial will bring together two complementary wireless businesses and will produce meaningful benefits for customers of both companies. The acquisition of Centennial’s assets will help us enhance our 3G wireless network — the nation’s fastest.”
"We appreciate the Department of Justice's efforts in clearing the merger," said Michael J. Small, Centennial's Chief Executive Officer. “With this approval, Centennial hopes to complete the FCC review process soon so that our customers can begin to enjoy the meaningful benefits that our merger with AT&T will bring them.”
In May 2009, AT&T announced a definitive agreement to sell to Verizon Wireless five of the Centennial service areas covered under the DOJ ruling. The five service areas are Lafayette, La., LA-5 (Beauregard), LA-6 (Iberville), LA-7 (West Feliciana) and MS-8 (Claiborne).
On November 7, 2008, AT&T and Centennial entered into an agreement under which AT&T would acquire Centennial. Under the terms of the merger agreement, Centennial stockholders would receive $8.50 per share in cash. The acquisition was approved by Centennial's stockholders in February 2009 but remains subject to approval by the Federal Communications Commission and to other customary closing conditions. AT&T and Centennial expect that, assuming timely satisfaction or waiver of all remaining closing conditions, the merger will be completed early in the fourth quarter of calendar year 2009.
*AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
About Centennial
Centennial Communications (NASDAQ:CYCL), based in Wall, NJ, is a leading provider of regional wireless and integrated communications services in the United States and Puerto Rico with approximately 1.1 million wireless subscribers and 694,900 access lines and equivalents. The U.S. business owns and operates wireless networks in the Midwest and Southeast covering parts of six states. Centennial’s Puerto Rico business owns and operates wireless networks in Puerto Rico and the U.S. Virgin Islands and provides facilities-based integrated voice, data and Internet solutions. Welsh, Carson, Anderson & Stowe is a significant shareholder of Centennial. For more information regarding Centennial, please visit our websites http://www.centennialwireless.com/ and http://www.centennialpr.com/.
“We are pleased with the Department of Justice’s decision and see it as an important step toward closing our acquisition of Centennial,” said Wayne Watts, Senior Executive Vice President and General Counsel, AT&T Inc. “The combination of AT&T and Centennial will bring together two complementary wireless businesses and will produce meaningful benefits for customers of both companies. The acquisition of Centennial’s assets will help us enhance our 3G wireless network — the nation’s fastest.”
"We appreciate the Department of Justice's efforts in clearing the merger," said Michael J. Small, Centennial's Chief Executive Officer. “With this approval, Centennial hopes to complete the FCC review process soon so that our customers can begin to enjoy the meaningful benefits that our merger with AT&T will bring them.”
In May 2009, AT&T announced a definitive agreement to sell to Verizon Wireless five of the Centennial service areas covered under the DOJ ruling. The five service areas are Lafayette, La., LA-5 (Beauregard), LA-6 (Iberville), LA-7 (West Feliciana) and MS-8 (Claiborne).
On November 7, 2008, AT&T and Centennial entered into an agreement under which AT&T would acquire Centennial. Under the terms of the merger agreement, Centennial stockholders would receive $8.50 per share in cash. The acquisition was approved by Centennial's stockholders in February 2009 but remains subject to approval by the Federal Communications Commission and to other customary closing conditions. AT&T and Centennial expect that, assuming timely satisfaction or waiver of all remaining closing conditions, the merger will be completed early in the fourth quarter of calendar year 2009.
*AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
About Centennial
Centennial Communications (NASDAQ:CYCL), based in Wall, NJ, is a leading provider of regional wireless and integrated communications services in the United States and Puerto Rico with approximately 1.1 million wireless subscribers and 694,900 access lines and equivalents. The U.S. business owns and operates wireless networks in the Midwest and Southeast covering parts of six states. Centennial’s Puerto Rico business owns and operates wireless networks in Puerto Rico and the U.S. Virgin Islands and provides facilities-based integrated voice, data and Internet solutions. Welsh, Carson, Anderson & Stowe is a significant shareholder of Centennial. For more information regarding Centennial, please visit our websites http://www.centennialwireless.com/ and http://www.centennialpr.com/.
Posts
No comments: