Alltel sale rumors
Talk Business passes along -- as hard to believe -- a CNBC report that Verizon Wireless may buy Alltel.
Even if not true, it's not likely to be the last time such talk goes around. Now that Alltel is just a fish in the sea, no longer rooted by ownership to Little Rock, it will always be a little unsettling. No comments from either party yet. A few more details in Arkansas Business. Reported price: $27 billion. (Isn't that about what private investors paid for the company?)
UPDATE: More from Ark. Biz. Could this happen? If so, big questions about a lot of jobs in LR.
WSJ on the jump
TECHNOLOGY ALERT
from The Wall Street Journal.
June 4, 2008
Verizon Communications is in talks to acquire wireless carrier Alltel
in a deal that would create the nation's largest cellphone company and
a more potent rival to AT&T. The deal, which could be valued at around
$27 billion, remains at a sensitive stage and may well fall through in
the next few days, people familiar with the matter said. It's a
complex discussion because it involves private-equity firms, Goldman
Sachs's buyout arm and TPG Capital, as well as a group of banks that
together backed a $27.5 billion leveraged buyout of Alltel last year.
A Verizon takeover of Alltel, which has 13.2 million subscribers,
mainly in the Midwest and South, would create a wireless behemoth with
more than 80 million subscribers. AT&T, which is currently the largest
cellphone operator, had 71.4 million customers as of its last
quarterly report.
from The Wall Street Journal.
June 4, 2008
Verizon Communications is in talks to acquire wireless carrier Alltel
in a deal that would create the nation's largest cellphone company and
a more potent rival to AT&T. The deal, which could be valued at around
$27 billion, remains at a sensitive stage and may well fall through in
the next few days, people familiar with the matter said. It's a
complex discussion because it involves private-equity firms, Goldman
Sachs's buyout arm and TPG Capital, as well as a group of banks that
together backed a $27.5 billion leveraged buyout of Alltel last year.
A Verizon takeover of Alltel, which has 13.2 million subscribers,
mainly in the Midwest and South, would create a wireless behemoth with
more than 80 million subscribers. AT&T, which is currently the largest
cellphone operator, had 71.4 million customers as of its last
quarterly report.
Comments
What does this mean for Chad, the Wizard and those nerdy scamps with the van?
Posted by: Moxiemoron![[TypeKey Profile Page]](http://www.arktimes.com/blogs/arkansasblog/nav-commenters.gif)
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June 4, 2008 02:43 PM
Where there is smoke, there is fire.....
Posted by: CBM![[TypeKey Profile Page]](http://www.arktimes.com/blogs/arkansasblog/nav-commenters.gif)
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June 4, 2008 02:55 PM
It's been expected, but I thought Verizon would sort out its own ownership situation first. If Verizon gobbles up Alltel, it will be even harder for Verizon to get rid of Vodafone.
Posted by: Julianna![[TypeKey Profile Page]](http://www.arktimes.com/blogs/arkansasblog/nav-commenters.gif)
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June 4, 2008 03:44 PM
I would assume this would not be good thing for Little Rock as a whole, and the housing market specifically. I don't see Verizon needing a headquarters complex like the one on the river. I am sure cost savings consolidation would be the first order of business.
Posted by: Earl![[TypeKey Profile Page]](http://www.arktimes.com/blogs/arkansasblog/nav-commenters.gif)
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June 4, 2008 04:29 PM
oh well - it was fun while it feebly lasted - of course if VZ buys AT there will be more heads rolling than pol pok reunion!
Say my little shallow money idol worhshippers(yes Chenalites, that means you) The next you see those wonderful AT execs, in one of our local social rags, grinning ear to ear, remember this - they greedily sold out in odrer to cash in with little concern for the economic well being of our fair city and metro. They knew what it eventally meant to sell out and its effects on good paying jobs here.
On a happier note, I understand that by the end of next year, there will be an additonal 10 mexican eateries out West hwy 10, so bone up on spanish AT soon-to-be ex-employees - I'll take a margarita on the rocks - por fa vor.
Posted by: yapperjohn![[TypeKey Profile Page]](http://www.arktimes.com/blogs/arkansasblog/nav-commenters.gif)
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June 4, 2008 10:46 PM