Verizon Buys Alltel for $28 Billion
According to the release that just came out:
Verizon Wireless has entered into an agreement with Alltel Corporation and Atlantis Holdings LLC, an affiliate of private investment firm TPG Capital and GS Capital Partners, to acquire Alltel Corporation in a cash merger. Verizon Wireless is a joint venture of Verizon Communications and Vodafone.
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 debt 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.
Here's our earlier post on the acquisition.
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Will Verizon, if the acquisition passes regulatory muster, maintain innovative programs like MyCircle and the Alltel Celltop? The widget-based Celltop is Verizon's potential doorway into longer term relevance to consumers by providing a customized experience and a true "platform" for mobile developers.
