ANCHORAGE, Alaska (AP) — Two investment firms plan to purchase Alaska Communications Systems Group in a $300 million deal, the company said.

The telecommunications company will cease its public trading structure and become a private entity in the acquisition by investment firms Macquarie Capital Inc. and GCM Grosvenor, The Anchorage Daily News reported Tuesday.

The companies plan to acquire Alaska Communications Systems shares at $3 each. The announcement boosted the price of its shares by more than 50% from Monday’s value.

The acquisition is expected to close some time after June.

Alaska Communications Systems provides broadband internet, information technology services and landline home phone service. There will be no change of service to business and residential customers, company spokeswoman Heather Marron said.

Marron declined to provide the number of customers served by the company, but said savings benefiting customers are expected to be generated by becoming a privately held entity.

“We spend $4-5 million or more per year on expenses related to being a publicly traded company,” Marron said. “That money will now be available for other uses including investing in our network and customers.”

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The company employs 576 people and expects to “retain operations and employees” following the purchase, Marron said.

Regulators and stockholders must approve the transaction at an upcoming special meeting, while the company said it intends to take advantage of a provision allowing it to seek a better offer from other parties through Dec. 3.

The deal with Macquarie and GCM offers enhanced financial standing and will allow the Anchorage-based company to provide better service, Alaska Communications Systems CEO Bill Bishop said.

In August, the company reported a $2.4 million profit for three months in the spring and an estimated total 2020 revenue of about $235 million.

Australia-based Macquarie Capital has completed more than $200 billion in transactions across several industries. Chicago-based GCM Grosvenor manages $57 billion in assets in real estate, infrastructure and other areas.