ATN INTERNATIONAL,INC. (NASDAQ:ATNI) Files An 8-K Completion of Acquisition or Disposition of Assets

ME Staff 8-k
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ATN INTERNATIONAL,INC. (NASDAQ:ATNI) Files An 8-K Completion of Acquisition or Disposition of Assets

Item 2.01 Completion of Acquisition or Disposition of
Assets

On March8, 2017, ATN International,Inc. (the Company) completed
the previously-announced disposition of a portion of its U.S.
Wireline business, located in the northeastern United States and
operating as Sovernet Communications, to TVC Albany,Inc. (the
Buyer), an affiliate of funds managed by Oak Hill Capital
Management, LLC. The contractual purchase price was $23.9 million
consisting of the purchase price of $22.0 million and a closing
date adjustment related to working capital and other matters in
favor of the Company of approximately $1.9 million. Approximately
$3.0 million of the sale proceeds will be held in escrow for a
period of up to 15 months after closing to satisfy working
capital adjustments in favor of the Buyer, to fund certain
capital expenditure projects related to the assets sold and to
secure the Companys indemnification obligations. Additionally,
the Company may be entitled to receive monthly earn-out payments
of up to an aggregate of $4.0 million with respect to the period
from the closing date until December31, 2017.

This Current Report on Form8-K is being filed to provide pro
forma financial information required by Item 9.01(b)of Form8-K
related to the disposition.

Item9.01 Financial Statements and
Exhibits.

(b)

Pro Forma Financial Information

The pro forma financial statements are derived from the
historical statements of the Company and give effect to the
sale of the Companys U.S. Wireline business located in the
northeastern United States and the receipt of the net
proceeds related thereto as further described in
Exhibit99.1 hereto. The following unaudited pro forma
financial information is attached as Exhibit99.1 to this
Form8-K and is incorporated by reference herein:

Unaudited pro forma condensed balance sheet of the Company
as of December31, 2016; and

Unaudited pro forma condensed statement of operations of
the Company for the year ended December31, 2016.

(d)

Exhibits

Exhibit99.1

Unaudited pro forma condensed balance sheet of the Company
as of December31, 2016 and the unaudited pro forma
condensed statement of operations of the Company for the
year ended December31, 2016.


About ATN INTERNATIONAL, INC. (NASDAQ:ATNI)

ATN International, Inc, formerly Atlantic Tele-Network, Inc., is a holding company. The Company, through its subsidiaries, provides wireless and wireline telecommunications services in North America, Bermuda and the Caribbean; owns and operates commercial distributed generation solar power systems in the United States, and owns and operates terrestrial and submarine fiber optic transport systems in the United States and the Caribbean, respectively. The Company operates in five segments: U.S. Wireless, Island Wireless, U.S. Wireline, International Integrated Telephony and Renewable Energy. In the United States, it provides wholesale wireless voice and data roaming services in rural markets to national, regional, local and selected international wireless carriers. The Company provides wireless voice and data service to retail and business customers in Bermuda under the CellOne name. Its International Integrated Telephony segment includes wireless telephone service it offers in Guyana.

ATN INTERNATIONAL, INC. (NASDAQ:ATNI) Recent Trading Information

ATN INTERNATIONAL, INC. (NASDAQ:ATNI) closed its last trading session up +0.14 at 71.47 with 53,282 shares trading hands.