[telecom] Atlantic Tele-Network sells off rural carrier to AT&T

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Atlantic Tele-Network sells off rural carrier to AT&T

Nearly three years after Atlantic Tele-Network Inc. acquired rural cellphone carrier Alltel for $200 million, the Beverly-based company is cashing in, selling Alltel to wireless giant AT&T Inc. for $780 million in cash.

"We are pleased with today's outcome, which represents a strong return on our investment," said Atlantic chief executive Michael Prior.