ATN International and Freedom 3 Capital agreed to acquire Alaska Communications Systems Group in an all cash transaction valued at approximately $332 million, including net debt.
Alaska Communications’ prior agreement to be acquired by an affiliate of Macquarie Capital and GCM Grosvenor, through its Labor Impact Fund, has been terminated.
In connection with the termination, Alaska Communications paid Macquarie and GCM a $6.8 million break-up fee.
David W. Karp, Chairman of the Alaska Communications Board of Directors, said, "Today's announcement is the product of a comprehensive process that demonstrates what a strong business the team at Alaska Communications has built. The agreement with ATN is a great result for our stockholders, who will receive significant near-term value."
Alaska Comm. Sys to be acquired for $300m
Alaska Communications Systems Group (NASDAQ: ALSK) will be acquired by an affiliate of Macquarie and GCM Grosvenor (through its Labor Impact Fund) in an all cash transaction valued at approximately $300 million, including debt.
Under the deal, all the outstanding shares of Alaska Communications common stock will be acquired for $3.00 per share in cash, representing a premium of approximately 57% over the closing per share price of $1.91 on November 2, 2020, the last trading day prior to the date the merger agreement was executed.
David W. Karp, Chairman of the Alaska Communications Board of Directors, said, "After carefully evaluating Macquarie Capital’s and GCM’s offer, we are confident that this transaction is in the best interest of Alaska Communications and its stockholders. Macquarie Capital has a proven track record of delivering large and complex transactions globally on accelerated timelines, and GCM’s Labor Impact Fund provides strategy driven capital that we expect will generate real value for our customers and the Alaska Communications workforce."
Bill Bishop, President and Chief Executive Officer of Alaska Communications, stated, "GCM’s Labor Impact Fund provides strategic value to our business both through its experience in the telecommunications sector and in fostering partnerships with a unionized workforce. We firmly believe this transaction will allow us to enhance our expanded fiber network services and drive long-term value for our customers in Alaska and the Lower 48."
