Atlantic Tele-Network, Inc. (NASDAQ: ATNI) announced today the completion of the merger of its Bermuda wireless subsidiary CellularOne with M3 Wireless, Ltd., a leading wireless provider in Bermuda. M3 is a subsidiary of KeyTech Limited, a Bermuda-based communications company.
“We are creating a stronger and more capable single wireless company out of two very complementary businesses,” said Kurt Eve, CEO of ATN’s Bermuda operations. “We are confident that, as we grow our service and products, more and more customers will see the great value of the new CellularOne. We are going to use our combined strengths in the marketplace to deliver new products, greater coverage, better service and more options for our customers.”
“In looking at each other and the marketplace, we recognized that we could be in a more competitive position and deliver greater value for our customers as a combined business,” commented Sheila Lines, CEO of M3 Wireless. “Together, we intend to leverage our respective competitive strengths to deliver more reliable island-wide coverage and a broader range of wireless plans and devices to our customers.”
The new company will keep the existing CellularOne management team and operate under the CellularOne brand. The company will have about half of the Bermuda wireless market, including both post- and pre-paid. As the two companies execute the merger, customers will see the transition to the single CellularOne brand. There will be no service disruptions and the new company will honor existing agreements, service plans and pricing. The new company will ensure customers of both companies receive the high level of service they have come to expect.Paul Bowersock, ATN’s President of International Operations commented, “This merger will increase our competitive position in Bermuda, and lead to lower market risk for ATN. At the same time, it will allow for more efficient use of capital and ensure funding for investment in new technologies and other products and services in a market we already know. The new CellularOne will be focused on investing in the best service and products for our customers in Bermuda.”
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