MoFo Advises ATN International and Freedom 3 Capital (Project 8) in Agreement to Acquire Alaska Communications

Morrison & Foerster has advised Project 8, LLC (“Project 8”), a new entity formed by ATN International, Inc. (NASDAQ: ATNI) (“ATN”) and its financial partner Freedom 3 Capital, LLC (“F3C”), in connection with its agreement to acquire Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) (“Alaska Communications”), the leading provider of advanced broadband and managed IT services for businesses and consumers in Alaska.

The all-cash transaction is valued at approximately $332 million, including outstanding net debt. Under the terms of the transaction, Project 8 has entered into a definitive agreement to acquire all the outstanding shares of Alaska Communications common stock for $3.40 per share in cash. ATN will operate and consolidate the new entity and Alaska Communications through its majority ownership stake.

Headquartered in Beverly, Massachusetts, ATN invests in and operates communications, energy, and technology businesses in the United States and internationally, including the Caribbean region, with a particular focus on markets with a need for significant infrastructure investments and improvements.

The transaction was announced on January 4, 2021, and is subject to the approval of Alaska Communications’ stockholders, regulatory approvals, and other customary closing conditions.  

The MoFo team advising Project 8 on the transaction was led by New York corporate partner Mitchell Presser and Washington D.C. corporate partner David Slotkin, together with San Francisco corporate of counsel Jeffrey Washenko, San Diego corporate associate Shai Kalansky, Washington D.C. corporate associate Meredith Carr, and Denver corporate associate Eric Pacifici; San Francisco private equity/finance partner Dario Avram and San Francisco finance of counsel Eric Min; New York executive compensation partner Ron Aizen; Washington D.C. employment + labor of counsel Andrew Turnbull; Washington D.C. antitrust partner Jeff Jaeckel; and New York tax partner Tony Carbone and of counsel Dave Sturgeon.

Read more in the company’s press release.