The US telecommunications company that is in the process of acquiring a 51 per cent share in KeyTech, the parent of Logic, has reported first quarter revenues of $89.7 million.

Atlantic Tele-Network’s revenues were 5 per cent higher, year-on-year, while its profit for the quarter was $6.1 million.

The Massachusetts-based company is moving closer to completing its deal with KeyTech, which is one of two telecoms transactions it is involved in — the other is the US Virgin Islands.

“We are working diligently on securing the necessary regulatory approvals for the two pending telecom acquisitions we announced last year, and expect to complete the Bermuda transaction shortly,” said Michael Prior, ATN’s chief executive officer, in comments linked to the company’s earning results.

Responding to a question during a conference call, Mr Prior reiterated the company’s expectation that the KeyTech deal will bring in an additional annual revenue of between $80 million and $90 million.

As reported by The Royal Gazette earlier this month, the Regulatory Authority of Bermuda has issued approval for ATN to acquire a controlling position in KeyTech which, as well as being the parent company of Logic, into which Bermuda CableVision was merged last year, is a minority shareholder of CellOne.

Matthew Copeland, the RAB’s chief executive officer, in a statement yesterday said: “The ATN transaction offers the prospect of significant levels of financial investment into the various businesses and networks owned by KeyTech.

“As such, it offers the associated prospect of intensifying competition in the telecommunications sector and the parallel delivery of better broadband and telecommunications services for the citizens of Bermuda.’

Related regulatory approval from the Information and Communications Technology Authority in the Cayman Islands was also confirmed this month, when the authority gave consent for WestTel Ltd to transfer its interest in KeyTech to ATN.

ATN is a trading company that invests in the communications and renewable-energy industries. It is listed on the Nasdaq stock exchange and has a market capitalisation of $1.2 billion. The company’s association with Bermuda dates back to 1998 when it was a primary investor in CellOne. Among ATN’s subsidiaries is Commnet, which provides telecommunications to much of the central and western US states. ATN also has telecoms subsidiaries in the US Virgin Islands, Aruba, and Guyana.

ATN’s shares closed at $72 yesterday, down 57 cents, or 0.79 per cent.