April 27, 2010 (FinancialWire) — Atlantic Tele-Network, Inc. (NASDAQ: ATNI) said that it has completed the purchase of certain former Alltel wireless assets from Verizon Wireless (NYSE: VZ). The total purchase price was $223 million, which includes $23 million of acquired net working capital.

According to Atlantic Tele-Network, the purchase was funded by a combination of cash on hand and borrowings under the company’s current credit facility.

The acquisition, which was completed through the company’s wholly owned subsidiary, Allied Wireless Communications Corp., includes wireless properties and licenses that serve around 895,000 subscribers in Georgia, North Carolina, South Carolina, Illinois, Ohio, and Idaho.

Atlantic Tele-Network said it currently expects that these properties will generate around $500 million in annual service revenues during the first twelve months of its operation of the assets.

In addition, ATN announced that it has acquired a license to continue use of the Alltel name and accompanying service marks, including My Circle, in the acquired markets for an initial term of fourteen years and a total term of up to twenty-eight years.

The company said it may expand its use of the brand outside of these acquired markets subject to covered population limitations and certain other conditions.

Massachusetts-based Atlantic Tele-Network is a telecommunications company operating wireless, wireline and both terrestrial and submarine fiber optic networks in North America and the Caribbean.

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