Centennial Reaches Agreement to Acquire Islanet

US-based mobile holding company Centennial Communications has entered into a definitive agreement to acquire Puerto Rican mobile broadband provider Islanet Communications, the former said in a statement.

Centennial already has a presence in Puerto Rico through its mobile operator, which has the same name. The acquisition will give Centennial Islanet's 200 enterprise clients and a service portfolio that includes mobile internet access, VoIP, point-of-sale data and credit card transactions.

Islanet currently offers its services using a Cisco ATM-based wireless backbone on the 2.5Ghz spectrum band, which is suitable for WiMax, according to Islanet's website.

"This transaction immediately expands the addressable market for our broadband business by providing more efficient last mile access to reach [SME] customers. We'll continue to evaluate an expanded deployment of WiMax as the technology evolves," Centennial's CEO Michael Small said in the statement.

Islanet's current majority investor is Puerto Rican private equity firm Advent-Morro Equity Partners. Financial details of the deal were not disclosed. Centennial expects to close the deal in the third quarter of this year, pending regulatory approval."

Posted to the site on 11th May 2007