November 10, 2008

AT&T to buy Centennial for $944 million

Missed this bit of news from Friday:

SAN FRANCISCO (MarketWatch) -- AT&T Inc. said late Friday it plans to buy regional wireless provider Centennial Communications Corp. for $944 million in cash, in a bid to expand its coverage.

The move comes days after the Federal Communications Commission approved the merger of AT&T rival Verizon Wireless and closely-held Alltel Corp., which promises to propel Verizon past AT&T as the number one U.S. wireless carrier in terms of subscribers.

AT&T said in a prepared statement that acquiring Centennial will improve "coverage for customers in largely rural areas of the Midwest and Southeast United States," as well as in Puerto Rico and the U.S. Virgin Islands.

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