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Technology & Telecommunications

October 18, 1994|From Times Staff and Wire Reports

Pacific Telecom Selling Alaska Unit to AT&T: The company announced an agreement to sell Alascom Inc., a subsidiary that provides long-distance telephone and other communications services, for $290 million. AT&T Co. would allow Pacific Telecom Inc. to retain a $75-million transition payment made by AT&T to Alascom in July, bringing total proceeds to $365 million. The sale, which regulators must approve, is expected to close in the first quarter of 1995. Pacific Telecom said it expects an after-tax gain from the deal of $75 million to $80 million and after-tax cash proceeds of $300 million to $310 million.

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