Verizon Buys Alltel

Posted on Friday, June 6, 2008

Verizon Wireless has entered into an agreement with Alltel Corporation and Atlantis Holdings LLC, to acquire Alltel Corporation in a cash merger.

Under the terms of the agreement, Verizon Wireless will acquire the equity of Alltel for approximately $5.9 Billion. Based on Alltel's projected net at closing of $22.2 Billion, the aggregate value of the transaction is $28.1 Billion.

The parties are targeting completion of the merger by the end of the year, subject to obtaining regulatory approvals.

Alltel served more than 13 million customers in markets in 34 states, and this includes 57 primarily rural markets that Verizon Wireless does not serve.