We reported last week that ATN had gained approval from both the Justice Department and the FCC for its purchase of former Alltel assets from Verizon Wireless. Today, Atlantic Tele-Network (ATN) reports the $223 million deal has officially closed.

Verizon Wireless was required to divest of certain wireless properties and spectrum in Georgia, North Carolina, South Carolina, Illinois, Ohio, and Idaho as a condition of approval for their acquisition of Alltel Wireless. The result is a new rural wireless operator, Allied Wireless, with 895,000 subscribers.

ATN also announced that “… it has acquired a license to continue use of the Alltel name and accompanying service marks, including My Circle, in the acquired markets for an initial term of fourteen years and a total term of up to twenty-eight years.” So the Alltel brand lives on. “Consumers recognize the Alltel brand for value, service and choice, and we plan to continue operating our business with the same approach in these markets,” said Michael Prior, ATN’s President and Chief Executive Officer.

So, the question on everyone’s mind – will Chad reappear?  Oh yeah, and how long before Allied Wireless is bought by a larger provider other than Verizon?