- Alaska Communications (NASDAQ:ALSK) is selling its remaining 33% stake in The Alaska Wireless Network (AWN) to GCI Communications for $300M in cash. The carrier plans to use the proceeds to cut its debt load to $165M from $415M.
- The deal is expected to close in Q1 2015. Following its close, Alaska expects to "improve Adjusted EBITDA by creating synergies of approximately $12 million," and focus on its wireline and managed IT solutions ops.
- For reference, Alaska had a market cap of only $61.4M as of today's close. The company's wireless and AWN revenue fell 26% Y/Y in Q3 due to competition from Verizon and the loss of roaming/backhaul revenue. Subscribers stood at 109K.
Alaska Comm. sells wireless assets; shares +35.5% AH
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