[Techtaffy Newsdesk]

AT&T has signed an agreement with Atlantic Tele-Network (ATNI) to acquire the company’s U.S. retail wireless operations, operated under the Alltel brand, for $780 million in cash.

Under terms of the agreement, AT&T will acquire wireless properties, including licenses, network assets, retail stores and approximately 585,000 subscribers.

ATNI operates under the Alltel name in the U.S., and its network covers approximately 4.6 million people in primarily rural areas across six states — Georgia, Idaho, Illinois, North Carolina, Ohio and South Carolina.

The acquisition includes spectrum in the 700 MHz, 850 MHz and 1900 MHz bands. ATNI currently operates a retail CDMA network for its subscribers in these areas.

The transaction is expected to close in the second half of 2013.