Alltel sale rumors | Arkansas Blog

Wednesday, June 4, 2008

Alltel sale rumors

Posted By on Wed, Jun 4, 2008 at 1:54 PM

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

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.

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