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Verizon Wireless To Buy Alltel In $28.1 Billion Deal


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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