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| Verizon Wireless to buy Alltel in $28.1 billion deal |
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| Business and Law | ||||||
| By Reuters | ||||||
| Thursday, June 05, 2008 16:37 | ||||||
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Verizon Wireless said on Thursday it would buy rural mobile phone service provider Alltel for $28.1 billion including debt, which would vault it to first place in the U.S. market ahead of AT&T. Under the deal, Verizon Wireless would acquire the equity of Alltel for $5.9 billion and take on an estimated $22.2 billion in debt, incurred when Alltel was taken private in November in a leveraged buyout by TPG Capital and Goldman Sachs Group's GS Capital Partners.
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