Benzinga | Nov 3, 2020 11:43AM EST

Why Alaska Communications Stock Is Trading Higher Today

Alaska Communications (NASDAQ:ALSK) shares are trading higher on Tuesday after the company announced it will be acquired by Macquarie Capital and GCM Grosvenor for $3 per share in cash.

Alaska Communications Systems is a U.S.-based fiber broadband and managed information technology services provider. The company is focused primarily on business and wholesale customers in and out of Alaska. It provides local, long-distance, and wireless telephone services, Internet access, and data services to residential and business customers.

Alaska Communications shares were trading up 57.33% at $3 on Tuesday. The stock has a 52-week high of $3.04 and a 52-week low of $1.44.