General Communications, Inc. (GCI) has wrapped up its $300 million deal for Alaska Communication’s wireless business.
The deal, which was announced in December, included Alaska Communications’ wireless subscriber base and its 33 percent interest in a partnership between the companies known as The Alaska Wireless Network LLC. At the end of September, Alaska Communications had more than 100,000 wireless customers.
GCI has assumed Alaska Communications’ wireless subscribers and said there wouldn’t any interruptions in service now that the transaction has been completed.
Alaska Communications previously said it planned to use the net proceeds, which it estimates at about $250 million after costs associated with the deal, toward paying down its current debt of about $415 million.
Over the last three years, the company has been paying down the debt that includes about $125 million incurred in the building of submarine cables from Alaska to the Lower 48.
The Associated Press contributed to this report.