US telecoms group ATN International has beat private equity investors to buy Alaska Communications.
Massachusetts-based ATN put in an all-cash agreed bid of US$332 million for the company, beating a previous offer from Macquarie Group Capital and GCM Grosvenor, worth just $300 million.
ATN will acquire the Alaska company in association with its financial partner, Freedom 3 Capital, the company announced yesterday. ATN said it will operate and consolidate the new entity and Alaska Communications through its majority ownership stake.
Macquarie and GCM would have taken Alaska Communications private. ATN is Nasdaq-listed, but Alaska Communications would be a private company after the deal closes, expected in the second half of the year. ATN’s market cap is $708 million, implying the Alaska deal will represent a significant increase in its valuation.