Atlantic Tele-Network, Inc (ATN), the majority shareholder in Guyana Telephone and Telegraph Limited (GT&T), yesterday announced that it has completed the sale of its US domestic retail wireless business operated under the Alltel name to AT&T for approximately US$780 million.
“Earlier today (Friday), the Federal Communications Commission (FCC) announced its approval of the proposed sale,” said a press release from ATN yesterday.
“On behalf of the company, I’d like to thank all of our employees for their commitment to the Alltel business and its customers,” said Michael T. Prior, Chief Executive Officer in the press release. “They tackled many hard issues with skill and energy, and we wish them all success in the future. In addition to the continued operation of our remaining domestic and international businesses, we look forward to finding new opportunities to build value for our shareholders.”
The Government of Guyana recently sold its 20 per cent stake in GT&T to a Chinese investor for the sum of US$30 million. It was reported that ATN turned down an invitation to purchase the shares for the sum of US$45 million.