AT&T, Centennial Deal Gets Justice Department Okay

AT&T has reached an agreement with the Justice Department to sell off assets in eight markets in Louisiana and Mississippi in order to proceed with its proposed $944 million acquisition of Centennial Communications.

The Federal Communications Commission is continuing to review the wireless merger, which was announced late last year. Under terms of the deal, Centennial stockholders will receive $8.50 per share in cash.

The Justice Department said it is requiring AT&T to divest Centennial Communications Corp. assets in southwestern and central Louisiana and southwestern Mississippi in order to preserve competition in those markets.

Dallas-based AT&T Inc. expects the deal to close early in the fourth quarter.