AT&T, Centennial Communications merger on track to close in second quarter

By Lisa Kerner

Charlotte, N.C., Jan. 8 - Centennial Communications Corp. said it expects its merger with AT&T Inc. to be completed by the end of the second quarter this year.

The merger, first announced in November, is not subject to a financing condition but remains subject to shareholder and regulatory approvals, Centennial said.

Under the companies' merger agreement, Centennial stockholders will receive $8.50 per share for a total equity price of $944 million.

The total enterprise value of the transaction, including net debt, is approximately $2.8 billion, according to Centennial.

Centennial's largest shareholder, Welsh, Carson, Anderson & Stowe, agreed to vote in favor of the transaction.

AT&T is a Dallas-based communications holding company.

Centennial is a Wall, N.J., provider of regional wireless and integrated communications services in the United States and Puerto Rico.

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