On Tuesday Alaska Power & Telephone Co. (OTC: APTL) was one of the companies that had come onto the radars of investors after the company made a key new announcement. The employee-owned firm, which provides vital services to communities in Alaska, announced yesterday that it had completed a major deal. It could be a good time to take a look.
SEALink Network Deal
The company, which has been in operation since 1957, announced that it had picked up a majority interest in SEALink Networks Inc. (SNI). In the news release, it was also noted that SNI was currently involved in the development of a cable landing station in Westport for subsea cables. The fiber optic cables that would be laid on the ocean floor by the company would be used to send data across continents or large water bodies. As a consequence, it would also help in providing connectivity for those in Alaska to the United States.
Further Information
It was also stated that the acquisition was made by Alaska Power & Telephone after the board had put in much of the groundwork for it over the past few years. It may be a good time to add the stock to your watchlists.
Key Quote
Robert B. Engel, Chair of the Board of AP&T, said, “This transaction is the culmination of efforts led by the Board over the past few years. We have been taking deliberate steps in our business strategies, the allocation of resources, the hiring of executive talent, and the relocation of our headquarters to Ketchikan to position AP&T for continued success. The hiring of Bill Marks as our CEO in early 2024 and Bill’s knowledge, experience, expertise, and industry standing uniquely positioned him to work with the Board and other key members of the executive team to create SNI.”
