June 10, 2009 (FinancialWire) — Atlantic Tele-Network, Inc. (NASDAQ: ATNI) said it has inked a definitive agreement to acquire certain wireless assets from Verizon Wireless for $200 million.

The agreement allows Atlantic Tele-Network to acquire wireless properties, including wireless spectrum licenses and network assets, serving over 800,000 subscribers primarily in rural areas across Georgia, North Carolina, South Carolina, Illinois, Ohio, and Idaho.

Verizon Wireless is required to divest these properties as part of the regulatory approvals granted for its purchase of Alltel earlier this year.

Under terms of the deal, ATN will purchase the assets for $200 million in cash. ATN said it expects to fund substantially all of the purchase price with cash-on-hand and borrowings under its existing credit facility.

As of April 30, the company said it had around $90 million in cash and cash equivalents, $75 million of available borrowings under its undrawn revolving credit facility, and an additional $50 million of borrowing capacity, subject to lender consent, under its term credit facility.

Michael Prior, ATN’s president and chief executive officer, said the acquired assets, when coupled with ATN’s existing U.S. wireless operations, will give the company “significant wireless operations in rural areas of more than 10 states.” Including international operations, ATN expects to have more than one million retail wireless subscribers by transaction close.

Salem, Massachusetts-based Atlantic Tele-Network is a telecommunications company whose principal subsidiaries provide voice and data wireless roaming services for U.S. and international carriers in rural areas throughout the United States.

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