Centennial Communications shareholders approved a merger with AT&T yesterday, giving AT&T a victory in a deal that was first announced in November.
Centennial said that nearly all of the shareholders present at yesterday's meeting voted to approve the merger, and the vote represented 88 percent of all of the company's outstanding shares and those entitled to vote on the merger.
AT&T agreed to purchase Centennial in early November for about $944 million. The deal included the assumption of Centennial's debt bringing the total amount of the deal to around $2.8 billion. The move came on the heels of AT&T's $275 million purchase of WiFi service provider Wayport.
The purchase still has to gain regulatory approval, but it should net AT&T 1.1 million of Centennial's customers in Puerto Rico, the U.S. Virgin Islands, the Great Lakes region and in the Gulf Coast. The Centennial purchase also immediately followed Verizon Wireless' $28.1 billion acquisition of Alltel. That deal, which closed in January, made Verizon the largest wireless provider in the United States, surpassing AT&T Mobility.
For more:
- see this release
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