AT&T, Centennial Deal Delayed

AT&T said Wednesday that it anticipates the closing of its pending acquisition of Centennial Communications will be delayed until the third quarter, "assuming timely satisfaction or waiver of all remaining closing conditions."

The companies had previously stated they had hoped the deal would be finalized by the end of the second quarter.
AT&T announced the $2.8 billion acquisition of Centennial in November. According to the deal, AT&T would acquire the Wall, N.J.-based wireless and wireline communications provider for about $8.50 per share ($944 million) in cash and the rest in assumed debt.

AT&T gave no reason for the delay in the closing in a statement announcing the new date. Centennial shareholders approved the deal in February, but the transaction still needs clearance from regulatory agencies.

The deal was expected to broaden AT&T's wireless coverage especially in rural areas of the country-many of Centennial's 1.1 million wireless customers are located in largely rural locales in the Midwest and Southeast portions of the country as well as in Puerto Rico and the U.S. Virgin Islands. AT&T, in contrast, has about 75 million wireless customers in the U.S.